Taken to its extremes, the urge to cleanse a culture of elements that do not live up to the politically correct orthodoxy currently in political vogue unsettlingly echoes the Taliban and ISIS credos of destroying everything that does not accord with their Quranic views. The desire "not to offend," taken to its logical conclusion, is a totalitarian impulse, which threatens to destroy everything that disagrees with its doctrines. Crucially, who gets to decide what is offensive?
"With it now taking 6.5 units of debt to produce 1 unit of GDP, additional gains from the lending channel are limited, in our view. China data already suggest diminishing returns from a flagging stimulus. Our China economic activity indicator (MS-CHEX) is at 3% versus 10% last month, while property sales in top cities have slowed to 15%Y in the first two weeks of May compared to 55%Y in April. If we think China growth softens again over the summer, the question for markets is how far ahead of this prices react. The risks are rising that the time is now."
Who exactly is the burdensome, broken and disturbingly unsensible welfare system being run for?
407,000 private sector workers are about to lose most of their pensions. When private pension plans go broke, they go broke. Public pension expect a bailout.
For First Time Since World War II, "Right-Wing, Anti-Immigrant, Euroskeptic" Set To Become President Of AustriaSubmitted by Tyler Durden on 05/22/2016 - 11:49
One month ago, pro-European voices in Austria, and all of Europe, were suddenly muted when in the first round of the Austrian presidential election, Norbert Hofer head of Austria Freedom Party (FPO), described as a "Euroskeptic, right-wing, anti-immigrant party" crushed his opposition buoyed by a migration crisis that has heightened fears about employment and security across the continent, and gathered a whopping 35% of the vote leaving the other five legacy candidates far behind. Today, Austria holds the decisive, run-off round between Norbert Hofer and former Greens leader Alexander van der Bellen, which according to preliminary opinions polls was set to be a close vote... although probably not that close.
The broadest measure of the stock market has risen by 125% since 1999. The real median family income has fallen by 7%. Stated differently, the bicoastal elites who own most of the nation’s financial assets or who feed off the financial system and a debt-swollen central state in Washington, believe themselves to be in the pink of prosperity. They do not understand, of course, that this is all a giant bubble which at length will burst in spectacular fashion, causing their own unearned windfalls to shrink in the process. In the meanwhile, they may come to understand that the flyover zone of America has been left behind. The main street insurgency fueling Donald Trump’s shocking rise to the top of the Presidential race proves that much in spades.
While Hillary continues to remind everyone that her nomination is a "done deal", supporters of Bernie Sanders refuse to go quietly into the night. Bernie's supporters put so much pressure on establishment Senator Barbara Boxer that she suffered an unfortunate meltdown in Nevada recently; they plan to do the same at the Democratic National Convention in July as well. As a result, the Nevada State Democratic Party has warned that the demonstrations may be used to instigate "actual violence."
Overnight the Mehr news agency announced reported that the Iranian military, in its latest snub of the Obama administration and the comprehensive nuclear treaty, has successfully carried out launches of two short-range ballistic missiles during ground forces exercises, local media reported Sundayl it added that the improved versions of Nazeat and Fajr-5 missiles were used during the first stage of the two-day drills in Kashan’s Maranjab Desert and Isfahan’s Nasrabad region.
These waxing and waning empires are dangerous as their vulnerabilities and short-comings become exposed, and their territories challenged. That fact that Putin is being prodded from within Russia to be less diplomatic and more aggressive in posturing for war is downright unsettling. Many of our most dangerous American leaders are all-too willing to poke the bear and evoke a reaction.
While the common narrative is now that Donald Trump is dividing the United States along racial lines, it would appear that 200 years of widespread immigration (some more integrative and some less) - as the following stunning animated graphic shows - the proverbial melting pot, after 8 years of an African-American president, during which black inequality has worsened dramatically, is boiling over by its own volition.
Government as we know it is doomed. It will not recognize this reality until markets and/or citizens force it. This time is likely close and the process will not be painless. The more government ignores what is inevitable the greater the pain will be. One hopes that civilization does not enter an economic and anarchical Dark Ages. To the extent that government refuses to respond to the fantasy world they have created, the more likely that is to be the outcome.