I too think of 1990 as an inflection point. If I were making a documentary, I would use Whitney Houston's Superbowl anthem as a symbol of a high point of American optimism. In retrospect, the Soviet Union acted as a counterpoint and limit. As Jack Matlock pointed out, the fall of Soviet Union was wrongly credited by neocons to US military build-up (rather than internal Russian democracy). In any event, its fall appears to have resulted in the hubristic neocon proxy wars that have tarnished US policy ever since. Concurrently, US (and Canada) abandoned its manufacturing base and competencies. This was partly and substantially due to economic policies. But I think that an under-estimated factor was the disinterest of bright students in entering heavy industry. In prior generations, there were cadres of very bright students from farms and small towns who could rise to leadership; but in my generation, leadership of heavy industry gradually deteriorated.
Correct. The fall of the Soviet Union was definitely a biggie. How different the world would be today if the triumphant West had held out a hand to Russians instead of sending in the Harvard Boys to rape them.
Mark, did you have to mention Phil Gramm' s name? Really !!! I'm almost embarrassed to admit that I'm a Texas native these days. A lot of disgusting swamp critters came from my home country, the aforementioned Senator, "Dick" Armey, Tom DeLay, John Cornyn, Bushes of all kinds, Emperor Greg and etc. and, of course, the worst of all, LBJ .
Q: what happens when masses of people in the US stop spending money/debt, on things that are not needed and are fantasy based? Advertising already does not work as it used to…this will only grow…the US economy is largely based on things people don’t need for living and going into debt. What happens when this train grinds to a halt?
"The narrative is getting more incoherent by the day." True. Trump seems to have joined The Club. The old certainties are going. It's hard to know which way to shoot.
The old saying, "If you can't beat them, join them." I don't think Trump will find they want him in their club and they won't even thank him for betraying his base to boost their portfolios.
Came across this quote from a David Stockman article about Trump's role in Covid. Strong words, but I'm increasingly agreeing with him: "The Donald is and always has been a raw power seeker aiming to satisfy his own gargantuan ego on the stage of public office. When it comes to policy choices, he’s an agnostic who just flies by the seat of his ample britches, with an ear keenly cocked for the sound of applause from the MAGA peanut gallery." My only criticism of Stockman's words is that DJT doesn't seem to be listening much to his MAGA fans these days either.
To put it in context, Stockman is a diehard libertarian who hates any kind of centralised political control. Also, he was writing (excellently, in my opinion) about Trump's egregious role in the Covid scam. I still think that he failed massively there and he needs to apologise for OWS. I hope you are right in the overall analysis, Cast, and that Trump is not as dumb and egotistic as he so often comes across. The future of a country that many of we Europeans still love may depend upon it.
You forget the generous 'mystery buyers' in the Caymans... Only the G7 is buying Treasuries really (look at French and UK buying the last ten years), the global majority now looks to divest. If the only buyers are the vassals... Then when the pyramid tumbles, it will tumble bigly...
Mark,
Your favorite AG is back in the news:
https://www.powerlineblog.com/archives/2024/04/raising-the-barr-2.php
I too think of 1990 as an inflection point. If I were making a documentary, I would use Whitney Houston's Superbowl anthem as a symbol of a high point of American optimism. In retrospect, the Soviet Union acted as a counterpoint and limit. As Jack Matlock pointed out, the fall of Soviet Union was wrongly credited by neocons to US military build-up (rather than internal Russian democracy). In any event, its fall appears to have resulted in the hubristic neocon proxy wars that have tarnished US policy ever since. Concurrently, US (and Canada) abandoned its manufacturing base and competencies. This was partly and substantially due to economic policies. But I think that an under-estimated factor was the disinterest of bright students in entering heavy industry. In prior generations, there were cadres of very bright students from farms and small towns who could rise to leadership; but in my generation, leadership of heavy industry gradually deteriorated.
Correct. The fall of the Soviet Union was definitely a biggie. How different the world would be today if the triumphant West had held out a hand to Russians instead of sending in the Harvard Boys to rape them.
Mark, did you have to mention Phil Gramm' s name? Really !!! I'm almost embarrassed to admit that I'm a Texas native these days. A lot of disgusting swamp critters came from my home country, the aforementioned Senator, "Dick" Armey, Tom DeLay, John Cornyn, Bushes of all kinds, Emperor Greg and etc. and, of course, the worst of all, LBJ .
Sorry! :-)
I remember the day JFK was shot. The pain was palpable. I knew everyrhing had changed. That was, IMO, when we lost it.
Yes, I remember that day, too. Those were innocent days. We never could have imagined what we're learning.
https://www.paulcraigroberts.org/2024/04/11/the-great-dispossession/
https://thegreattaking.com/
Q: what happens when masses of people in the US stop spending money/debt, on things that are not needed and are fantasy based? Advertising already does not work as it used to…this will only grow…the US economy is largely based on things people don’t need for living and going into debt. What happens when this train grinds to a halt?
What me worry?
Ha! Yes, it will require a group effort to come up with the new social science of economics based on humans living with robots. Think subsidiarity!
We have started two entities to “organize” this process, The Center for the Study of Digital Life, and, Exogenous, Inc.
"The narrative is getting more incoherent by the day." True. Trump seems to have joined The Club. The old certainties are going. It's hard to know which way to shoot.
The old saying, "If you can't beat them, join them." I don't think Trump will find they want him in their club and they won't even thank him for betraying his base to boost their portfolios.
Came across this quote from a David Stockman article about Trump's role in Covid. Strong words, but I'm increasingly agreeing with him: "The Donald is and always has been a raw power seeker aiming to satisfy his own gargantuan ego on the stage of public office. When it comes to policy choices, he’s an agnostic who just flies by the seat of his ample britches, with an ear keenly cocked for the sound of applause from the MAGA peanut gallery." My only criticism of Stockman's words is that DJT doesn't seem to be listening much to his MAGA fans these days either.
https://www.lewrockwell.com/2024/04/david-stockman/the-donalds-disastrous-fourth-year-but-dont-blame-the-covid/
To put it in context, Stockman is a diehard libertarian who hates any kind of centralised political control. Also, he was writing (excellently, in my opinion) about Trump's egregious role in the Covid scam. I still think that he failed massively there and he needs to apologise for OWS. I hope you are right in the overall analysis, Cast, and that Trump is not as dumb and egotistic as he so often comes across. The future of a country that many of we Europeans still love may depend upon it.
You forget the generous 'mystery buyers' in the Caymans... Only the G7 is buying Treasuries really (look at French and UK buying the last ten years), the global majority now looks to divest. If the only buyers are the vassals... Then when the pyramid tumbles, it will tumble bigly...
Puppets at best, cookie monsters. Far worse but still in puppet land, is Langley. Belly of the beast, but not the head.