Every year, David Collum writes a detailed "Year in Review" synopsis full of keen perspective and plenty of wit. This year's is no exception. "I have not seen a year in which so many risks - some truly existential - piled up so quickly. Each risk has its own, often unknown, probability of morphing into a destructive force. It feels like we’re in the final throes of a geopolitical Game of Tetris as financial and political authorities race to place the pieces correctly. But the acceleration is palpable. The proximate trigger for pain and ultimately a collapse can be small, as anyone who’s ever stepped barefoot on a Lego knows..."
Contrary to the opinion of Obama the Great, The One True Indispensable Chief of the NWO, the three principal threats we currently face are not Ebola, but QE-bola; not the locally disruptive Islamic State but the globally detrimental Interventionist State; and definitely not the Kremlin’s alleged (though highly disputable) revanchism being played out on Europe’s ‘fringe’ but the Kafkaesque reality of stifling and undeniable regulationism at work throughout its length and breadth. We might end by reminding the would-be wearer of the One Ring, as He lurks warily, watching the opinion polls from His lair in the White House, that in being so active in propagating each one of these genuinely existential threats to our common well-being, he will not so much ‘help light the world’ as help extinguish what little light there still remains to us poor, downtrodden masses.
For reasons that have no rational explanations at this time, the US and Europe have embarked on a concerted program to demonize Putin, ostracize Russia, and bring the world as close to a major conflict as it's been since the Cold War, a time hardly memorable to many in the current crop of our elected officials. A dangerous dynamic is brewing between the West and Russia/Putin. We are seeing a rush to war very similar to the one that led up to Saddam's ouster, but this time, we have much less justification (hard to believe) and the opponent is tremendously more capable. There is little sense in the course the West is currently pursuing, little to gain, and much to lose. The main conclusion here is that not only is the US poking the bear, but it is doing so with increasing frequency and upping the ante dangerously with each step.
Of course the surveillance police state is not used to control the individual, but rather the herd which in turn controls the non sovereign individual.
Every year, David Collum writes a detailed "Year in Review" synopsis full of keen perspective and plenty of wit. This year's is no exception. The 89-page tour-de-force is a must-read this holiday season for perspective on where we have been and where we are going. From Krugman to the abuse of civil liberties, from gold to muni bankruptices, and from Student debt bubble to Cyprus and beyond, Collum covers it all.
Journalists should be protected, but not because of who they are or the title next to their name, but because they are engaged in acts of journalism. At the end of the day journalism is much like porn, hard to define but “you know it when you see it.” Whether you want to call Glenn Greenwald a journalist or not, what he did in the Edward Snowden affair was clearly an “act of journalism” and therefore must be protected and defended at all costs. Mike Krieger, of Liberty Blitzkrieg, is extraordinarily bothered by the manner in which the oligarch gatekeepers in the mainstream media and elsewhere are attempting to discredit Glenn Greenwald by saying he is “not a journalist.” It appears their primary strategy in fighting back against truth-tellers, whistleblowers and journalists in the wake of Edward Snowden’s revelations is by attempting to control the definition of the term “journalist.” This way they can then proclaim who is a “real journalist” and who isn’t.
It looks like the Dow Jones Industrial Average will be the first major U.S. equity benchmark to breach new highs, so ConvergEx's Nick Colas breaks down this closely watched measure of domestic stock prices noting that the Dow is a quirky “Index” – price weighted (not market capitalization), compact (30 names) and fundamentally global (lots of brand-name multinationals). Change just one name in the index, and the outcomes vary considerably. If Google had been added at the end of last year, we’d be at 14,330 – well over the old high of 14,165. But if the Dow committee had added Apple instead, the index would have closed at 13,475 yesterday, up less than 3% on the year. And if Netflix had been the lucky company added for 2013, well… We’d be saying hello to Dow 15,000, and then some. The point here is that the notion of a “New High” for the Dow is a little arbitrary, by virtue of the price weighting function and stock selection process.
"Yellow journalism" – which seems almost the only kind we have these days dominates our newsflow, but the truth is out there. As with everything else though, it's subject to Pareto's Law. So, 80% of what's out there is crap, and 80% of what's left is merely okay. But that remaining 4% of quality, uncensored, free information flow is extremely valuable. The terminal corruption of the major news corporations and the lack of interest in seeking the truth among the general population augurs very poorly for the prospects of the US and the current world order. This creates speculative opportunities, but prospects for mainstream investments are not good. Western civilization is truly in decline and far down the slippery slope.