By MN Gordon
Style Over Substance
There are many things that could be said about the GOP tax bill. But one thing is certain. It has been a great show.
Obviously, the time for real solutions to the debt problem that’s ailing the United States came and went many decades ago. Instead of addressing the Country’s mounting insolvency, lawmakers chose expediency without exception. They kicked the can from yesterday to today.
The empty chairs meeting – this is slightly reminiscent of the Clint Eastwood skit in which he addressed an empty chair that was supposed to represent Barack Obama. No-one can accuse the current tax reform plan of making a lot of sense, but the problem is that any comprehensive sensible reform package would never make it past the lobbies interested in maintaining the status quo. Given that elections are advance auctions of stolen goods (h/t HL Mencken), any perceived interference with the stealing will tend to be strongly resisted. [PT]
Photo credit: Kevin Dietsch-Pool/Getty Images
Presently, there are no good options left to fix the mathematics bearing down on us all. Hence, in the degenerate stage of an overburdened nation-state, style over substance is what counts. Without question, Congress and President Trump played their parts to push the bill with much bravura.
On Tuesday, for example, President Trump, Senate Majority Leader Mitch McConnell, and House Speaker Paul Ryan held a White House meeting with two empty chairs. Apparently, Senate Minority Leader Chuck Schumer and House Minority Leader Nancy Pelosi didn’t want to participate in a “show meeting.” Thus, they made a spectacle of themselves and ditched the meeting.
Indeed, their absence was all part of the show. Moreover, the entire episode was show; nothing more. At the time of this writing (Thursday night), the show continues on. Last we heard, the Senate vote had been delayed until Friday. By the time you read this it may be a done deal – or maybe not.
Regardless, the tax bill is all quite meaningless when you have a fiat currency that’s been stretched out like silly putty. No doubt, this has propagated immense financial speculation while outrunning actual economic growth. The effect has manifested in strange and unexpected ways.
Incidentally, following Fed Chair nominee Jay Powell’s confirmation hearing before the Senate Banking Committee on Tuesday, Senator Elizabeth “Pocahontas” Warren remarked that the Fed had the same regulatory attitude going into the crash of 2008 because they haven’t intervened in bitcoin.
Naturally, it never occurred to Warren that bitcoin could be a barometer of the Fed’s extreme intervention into credit markets. Without artificially suppressed interest rates and Fed asset purchases, bitcoin would’ve never become the recipient of such speculative fervor.
Attempting to regulate it now is like assigning price controls by edict to address a Fed induced bout of consumer price inflation. Besides, what’s Warren’s beef anyway?
Just in case you actually need another reason to like bitcoin, consider a few members of the clueless gang of douchebags arrayed against it. Ms. Warren (left) and Fed bureaucrat …read more
Source:: Acting Man