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Trump Is Obama’s Legacy. Will This Break Up the Democratic Party?
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Nobody yet can tell whether Donald Trump is an agent of change with a specific policy in mind, or merely a catalyst heralding an as yet undetermined turning point. His first month in the White House saw him melting into the Republican mélange of corporate lobbyists. Having promised to create jobs, his “America First” policy looks more like “Wall Street First.” His cabinet of billionaires promoting corporate tax cuts, deregulation and dismantling Dodd-Frank bank reform repeats the Junk Economics promise that giving more tax breaks to the richest One Percent may lead them to use their windfall to invest in creating more jobs. What they usually do, of course, is simply buy more property and assets already in place.

One of the first reactions to Trump’s election victory was for stocks of the most crooked financial institutions to soar, hoping for a deregulatory scythe taken to the public sector. Navient, the Department of Education’s knee-breaker on student loan collections accused by the Consumer Financial Protection Bureau (CFPB) of massive fraud and overcharging, rose from $13 to $18 now that it seemed likely that the incoming Republicans would disable the CFPB and shine a green light for financial fraud.

Foreclosure king Stephen Mnuchin of IndyMac/OneWest (and formerly of Goldman Sachs for 17 years; later a George Soros partner) is now Treasury Secretary – and Trump is pledged to abolish the CFPB, on the specious logic that letting fraudsters manage pension savings and other investments will give consumers and savers “broader choice,” e.g., for the financial equivalent of junk food. Secretary of Education Betsy DeVos hopes to privatize public education into for-profit (and de-unionized) charter schools, breaking the teachers’ unions. This may position Trump to become the Transformational President that neoliberals have been waiting for.

But not the neocons. His election rhetoric promised to reverse traditional U.S. interventionist policy abroad. Making an anti-war left run around the Democrats, he promised to stop backing ISIS/Al Nusra (President Obama’s “moderate” terrorists supplied with the arms and money that Hillary looted from Libya), and to reverse the Obama-Clinton administration’s New Cold War with Russia. But the neocon coterie at the CIA and State Department are undercutting his proposed rapprochement with Russia by forcing out General Flynn for starters. It seems doubtful that Trump will clean them out.

Trump has called NATO obsolete, but insists that its members up their spending to the stipulated 2% of GDP — producing a windfall worth tens of billions of dollars for U.S. arms exporters. That is to be the price Europe must pay if it wants to endorse Germany’s and the Baltics’ confrontation with Russia.

Trump is sufficiently intuitive to proclaim the euro a disaster, and he recommends that Greece leave it. He supports the rising nationalist parties in Britain, France, Italy, Greece and the Netherlands, all of which urge withdrawal from the eurozone – and reconciliation with Russia instead of sanctions. In place of the ill-fated TPP and TTIP, Trump advocates country-by-country trade deals favoring the United States. Toward this end, his designated ambassador to the European Union, Ted Malloch, urges the EU’s breakup. The EU is refusing to accept him as ambassador.

Will Trump’s victory break up the Democratic Party?

At the time this volume is going to press, there is no way of knowing how successful these international reversals will be. What is more clear is what Trump’s political impact will have at home. His victory – or more accurately, Hillary’s resounding loss and the way she lost – has encouraged enormous pressure for a realignment of both parties. Regardless of what President Trump may achieve vis-à-vis Europe, his actions as celebrity chaos agent may break up U.S. politics across the political spectrum.

The Democratic Party has lost its ability to pose as the party of labor and the middle class. Firmly controlled by Wall Street and California billionaires, the Democratic National Committee (DNC) strategy of identity politics encourages any identity except that of wage earners. The candidates backed by the Donor Class have been Blue Dogs pledged to promote Wall Street and neocons urging a New Cold War with Russia.

They preferred to lose with Hillary than to win behind Bernie Sanders. So Trump’s electoral victory is their legacy as well as Obama’s. Instead of Trump’s victory dispelling that strategy, the Democrats are doubling down. It is as if identity politics is all they have.

Trying to ride on Barack Obama’s coattails didn’t work. Promising “hope and change,” he won by posing as a transformational president, leading the Democrats to control of the White House, Senate and Congress in 2008. Swept into office by a national reaction against the George Bush’s Oil War in Iraq and the junk-mortgage crisis that left the economy debt-ridden, they had free rein to pass whatever new laws they chose – even a Public Option in health care if they had wanted, or make Wall Street banks absorb the losses from their bad and often fraudulent loans.

But it turned out that Obama’s role was to prevent the changes that voters hoped to see, and indeed that the economy needed to recover: financial reform, debt writedowns to bring junk mortgages in line with fair market prices, and throwing crooked bankers in jail. Obama rescued the banks, not the economy, and turned over the Justice Department and regulatory agencies to his Wall Street campaign contributors. He did not even pull back from war in the Near East, but extended it to Libya and Syria, blundering into the Ukrainian coup as well.

Having dashed the hopes of his followers, Obama then praised his chosen successor Hillary Clinton as his “Third Term.” Enjoying this kiss of death, Hillary promised to keep up Obama’s policies.

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The straw that pushed voters over the edge was when she asked voters, “Aren’t you better off today than you were eight years ago?” Who were they going to believe: their eyes, or Hillary? National income statistics showed that only the top 5 percent of the population were better off. All the growth in Gross Domestic Product (GDP) during Obama’s tenure went to them – the Donor Class that had gained control of the Democratic Party leadership. Real incomes have fallen for the remaining 95 percent, whose household budgets have been further eroded by soaring charges for health insurance. (The Democratic leadership in Congress fought tooth and nail to block Dennis Kucinich from introducing his Single Payer proposal.)

No wonder most of the geographic United States voted for change – except for where the top 5 percent, is concentrated: in New York (Wall Street) and California (Silicon Valley and the military-industrial complex). Making fun of the Obama Administration’s slogan of “hope and change,” Trump characterized Hillary’s policy of continuing the economy’s shrinkage for the 95% as “no hope and no change.”

Identity Politics as anti-labor politics

A new term was introduced to the English language: Identity Politics. Its aim is for voters to think of themselves as separatist minorities – women, LGBTQ, Blacks and Hispanics. The Democrats thought they could beat Trump by organizing Women for Wall Street (and a New Cold War), LGBTQ for Wall Street (and a New Cold War), and Blacks and Hispanics for Wall Street (and a New Cold War). Each identity cohort was headed by a billionaire or hedge fund donor.

The identity that is conspicuously excluded is the working class. Identity politics strips away thinking of one’s interest in terms of having to work for a living. It excludes voter protests against having their monthly paycheck stripped to pay more for health insurance, housing and mortgage charges or education, or better working conditions or consumer protection – not to speak of protecting debtors.

Identity politics used to be about three major categories: workers and unionization, anti-war protests and civil rights marches against racist Jim Crow laws. These were the three objectives of the many nationwide demonstrations. That ended when these movements got co-opted into the Democratic Party. Their reappearance in Bernie Sanders’ campaign in fact threatens to tear the Democratic coalition apart. As soon as the primaries were over (duly stacked against Sanders), his followers were made to feel unwelcome. Hillary sought Republican support by denouncing Sanders as being as radical as Putin’s Republican leadership.

In contrast to Sanders’ attempt to convince diverse groups that they had a common denominator in needing jobs with decent pay – and, to achieve that, in opposing Wall Street’s replacing the government as central planner – the Democrats depict every identity constituency as being victimized by every other, setting themselves at each other’s heels. Clinton strategist John Podesta, for instance, encouraged Blacks to accuse Sanders supporters of distracting attention from racism. Pushing a common economic interest between whites, Blacks, Hispanics and LGBTQ always has been the neoliberals’ nightmare. No wonder they tried so hard to stop Bernie Sanders, and are maneuvering to keep his supporters from gaining influence in their party.

When Trump was inaugurated on Friday, January 20, there was no pro-jobs or anti-war demonstration. That presumably would have attracted pro-Trump supporters in an ecumenical show of force. Instead, the Women’s March on Saturday led even the pro-Democrat New York Times to write a front-page article reporting that white women were complaining that they did not feel welcome in the demonstration. The message to anti-war advocates, students and Bernie supporters was that their economic cause was a distraction.

The march was typically Democratic in that its ideology did not threaten the Donor Class. As Yves Smith wrote on Naked Capitalism: “the track record of non-issue-oriented marches, no matter how large scale, is poor, and the status of this march as officially sanctioned (blanket media coverage when other marches of hundreds of thousands of people have been minimized, police not tricked out in their usual riot gear) also indicates that the officialdom does not see it as a threat to the status quo.”[1]Yves Smith, “Women Skeptical of the Women’s March,” Naked Capitalism, February 10, 2017.

Hillary’s loss was not blamed on her neoliberal support for TPP or her pro-war neocon stance, but on the revelations of the e-mails by her operative Podesta discussing his dirty tricks against Bernie Sanders (claimed to be given to Wikileaks by Russian hackers, not a domestic DNC leaker as Wikileaks claimed) and the FBI investigation of her e-mail abuses at the State Department. Backing her supporters’ attempt to brazen it out, the Democratic Party has doubled down on its identity politics, despite the fact that an estimated 52 percent of white women voted for Trump. After all, women do work for wages. And that also is what Blacks and Hispanics want – in addition to banking that serves their needs, not those of Wall Street, and health care that serves their needs, not those of the health-insurance and pharmaceuticals monopolies.

Bernie did not choose to run on a third-party ticket. Evidently he feared being accused of throwing the election to Trump. The question is now whether he can remake the Democratic Party as a democratic socialist party, or create a new party if the Donor Class retains its neoliberal control. It seems that he will not make a break until he concludes that a Socialist Party can leave the Democrats as far back in the dust as the Republicans left the Whigs after 1854. He may have underestimated his chance in 2016.

Trump’s effect on U.S. political party realignment

During Trump’s rise to the 2016 Republican nomination it seemed that he was more likely to break up the Republican Party. Its leading candidates and gurus warned that his populist victory in the primaries would tear the party apart. The polls in May and June showed him defeating Hillary Clinton easily (but losing to Bernie Sanders). But Republican leaders worried that he would not support what they believed in: namely, whatever corporate lobbyists put in their hands to enact and privatize.

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The May/June polls showed Trump and Clinton were the country’s two most unpopular presidential candidates. But whereas the Democrats maneuvered Bernie out of the way, the Republican Clown Car was unable to do the same to Trump. In the end they chose to win behind him, expecting to control him. As for the DNC, its Wall Street donors preferred to lose with Hillary than to win with Bernie. They wanted to keep control of their party and continue the bargain they had made with the Republicans: The latter would move further and further to the right, leaving room for Democratic neoliberals and neocons to follow them closely, yet still pose as the “lesser evil.” That “centrism” is the essence of the Clintons’ “triangulation” strategy. It actually has been going on for a half-century. “As Tanzanian President Julius Nyerere quipped in the 1960s, when he was accused by the US of running a one-party state, ‘The United States is also a one-party state but, with typical American extravagance, they have two of them’.”[2]Radhika Desai, “Decoding Trump,” Counterpunch, February 10, 2017.

By 2017, voters had caught on to this two-step game. But Hillary’s team paid pollsters over $1 billion to tell her (“Mirror, mirror on the wall …”) that she was the most popular of all. It was hubris to imagine that she could convince the 95 Percent of the people who were worse off under Obama to love her as much as her East-West Coast donors did. It was politically unrealistic – and a reflection of her cynicism – to imagine that raising enough money to buy television ads would convince working-class Republicans to vote for her, succumbing to a Stockholm Syndrome by thinking of themselves as part of the 5 Percent who had benefited from Obama’s pro-Wall Street policies.

Hillary’s election strategy was to make a right-wing run around Trump. While characterizing the working class as white racist “deplorables,” allegedly intolerant of LBGTQ or assertive women, she resurrected the ghost of Joe McCarthy and accused Trump of being “Putin’s poodle” for proposing peace with Russia. Among the most liberal Democrats, Paul Krugman still leads a biweekly charge at The New York Times that President Trump is following Moscow’s orders. Saturday Night Live, Bill Maher and MSNBC produce weekly skits that Trump and General Flynn are Russian puppets. A large proportion of Democrats have bought into the fairy tale that Trump didn’t really win the election, but that Russian hackers manipulated the voting machines. No wonder George Orwell’s 1984 soared to the top of America’s best-seller lists in February 2017 as Donald Trump was taking his oath of office.

This propaganda paid off on February 13, when neocon public relations succeeded in forcing the resignation of General Flynn, whom Trump had appointed to clean out the neocons at the NSA and CIA. His foreign policy initiative based on rapprochement with Russia and hopes to create a common front against ISIS/Al Nusra seemed to be collapsing.

Tabula Rasa Celebrity Politics

U.S. presidential elections no longer are much about policy. Like Obama before him, Trump campaigned as a rasa tabla, a vehicle for everyone to project their hopes and fancies. What has all but disappeared is the past century’s idea of politics as a struggle between labor and capital, democracy vs. oligarchy.

Who would have expected even half a century ago that American politics would become so post-modern that the idea of class conflict has all but disappeared. Classical economic discourse has been drowned out by their junk economics.

There is a covert economic program, to be sure, and it is bipartisan. It is to make elections about just which celebrities will introduce neoliberal economic policies with the most convincing patter talk. That is the essence of rasa tabla politics.

Can the Democrats lose again in 2020?

Trump’s November victory showed that voters found him to be the Lesser Evil, but all that voters really could express was “throw out the bums” and get a new set of lobbyists for the FIRE sector and corporate monopolists. Both candidates represented Goldman Sachs and Wall Street. No wonder voter turnout has continued to plunge.

Although the Democrats’ Lesser Evil argument lost to the Republicans in 2016, the neoliberals in control of the DNC found the absence of a progressive economic program to less threatening to their interests than the critique of Wall Street and neocon interventionism coming from the Sanders camp. So the Democrat will continue to pose as the Lesser Evil party not really in terms of policy, but simply ad hominum. They will merely repeat Hillary’s campaign stance: They are not Trump. Their parades and street demonstrations since his inauguration have not come out for any economic policy.

On Friday, February 10, the party’s Democratic Policy group held a retreat for its members in Baltimore. Third Way “centrists” (Republicans running as Democrats) dominated, with Hillary operatives in charge. The conclusion was that no party policy was needed at all. “President Trump is a better recruitment tool for us than a central campaign issue,’ said Washington Rep. Denny Heck, who is leading recruitment for the Democratic Congressional Campaign Committee (DCCC).”[3]“Pelosi denies Democrats are divided on strategy for 2018,” Yahoo News, February 10, 2018. https://www.yahoo.com/news/pelosi-denies-democrats-a...6.html

But what does their party leadership have to offer women, Blacks and Hispanics in the way of employment, more affordable health care, housing or education and better pay? Where are the New Deal pro-labor, pro-regulatory roots of bygone days? The party leadership is unwilling to admit that Trump’s message about protecting jobs and opposing the TPP played a role in his election. Hillary was suspected of supporting it as “the gold standard” of trade deals, and Obama had made the Trans-Pacific Partnership the centerpiece of his presidency – the free-trade TPP and TTIP that would have taken economic regulatory policy out of the hands of government and given it to corporations.

Instead of accepting even Sanders’ centrist-left stance, the Democrats’ strategy was to tar Trump as pro-Russian, insist that his aides had committed impeachable offenses, and mount one parade after another. “Rep. Marcia Fudge of Ohio told reporters she was wary of focusing solely on an “economic message” aimed at voters whom Trump won over in 2016, because, in her view, Trump did not win on an economic message. “What Donald Trump did was address them at a very different level — an emotional level, a racial level, a fear level,” she said. “If all we talk about is the economic message, we’re not going to win.”[4]Ibid. This stance led Sanders supporters to walk out of a meeting organized by the “centrist” Third Way think tank on Wednesday, February 8.

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By now this is an old story. Fifty years ago, socialists such as Michael Harrington asked why union members and progressives still imagined that they had to work through the Democratic Party. It has taken the rest of the country half a century to see that Democrats are not the party of the working class, unions, middle class, farmers or debtors. They are the party of Wall Street privatizers, bank deregulators, neocons and the military-industrial complex. Obama showed his hand – and that of his party – in his passionate attempt to ram through the corporatist TPP treaty that would have enabled corporations to sue governments for any costs imposed by public consumer protection, environmental protection or other protection of the population against financialized corporate monopolies.

Against this backdrop, Trump’s promises and indeed his worldview seem quixotic. The picture of America’s future he has painted seems unattainable within the foreseeable future. It is too late to bring manufacturing back to the United States, because corporations already have shifted their supply nodes abroad, and too much U.S. infrastructure has been dismantled.

There can’t be a high-speed railroad, because it would take more than four years to get the right-of-way and create a route without crossing gates or sharp curves. In any case, the role of railroads and other transportation has been to increase real estate prices along the routes. But in this case, real estate would be torn down – and having a high-speed rail does not increase land values.

The stock market has soared to new heights, anticipating lower taxes on corporate profits and a deregulation of consumer, labor and environmental protection. Trump may end up as America’s Boris Yeltsin, protecting U.S. oligarchs (not that Hillary would have been different, merely cloaked in a more colorful identity rainbow). The U.S. economy is in for Shock Therapy. Voters should look to Greece to get a taste of the future in this scenario.

Without a coherent response to neoliberalism, Trump’s billionaire cabinet may do to the United States what neoliberals in the Clinton administration did to Russia after 1991: tear out all the checks and balances, and turn public wealth over to insiders and oligarchs. So Trump’s his best chance to be transformative is simply to be America’s Yeltsin for his party’s oligarchic backers, putting the class war back in business.

What a truly transformative president would do/would have done

No administration can create a sound U.S. recovery without dealing with the problem that caused the 2008 crisis in the first place: over-indebtedness. The only one way to restore growth, raise living standards and make the economy competitive again is a debt writedown. But that is not yet on the political horizon. Obama’s doublecross of his voters in 2009 prevented the needed policy from occurring. Having missed this chance in the last financial crisis, a progressive policy must await yet another crisis. But so far, no political party is preparing a program to juxtapose to Republican-Democratic austerity and scale-back of Social Security, Medicare and social spending programs in general.

Also no longer on the horizon is a more progressive income tax, or a public option for health care – or for banking, or consumer protection against financial fraud, or for a $15-an-hour minimum wage, or for a revived protection of labor’s right to unionize, or environmental regulations.

It seems that only a new party can achieve these aims. At the time these essays are going to press, Sanders has committed himself to working within the Democratic Party. But that stance is based on his assumption that somehow he can recruit enough activists to take over the party from Its Donor Class.

I suspect he will fail. In any case, it is easier to begin afresh than to try to re-design a party (or any institution) dominated by resistance to change, and whose idea of economic growth is a pastiche of tax cuts and deregulation. Both U.S. parties are committed to this neoliberal program – and seek to blame foreign enemies for the fact that its effect is to continue squeezing living standards and bloating the financial sector.

If this slow but inexorable crash does lead to a political crisis, it looks like the Republicans may succeed in convening a new Constitutional Convention (many states already have approved this) to lock the United States into a corporatist neoliberal world. Its slogan will be that of Margaret Thatcher: TINA – There Is No Alternative.

And who is to disagree? As Trotsky said, fascism is the result of the failure of the left to provide an alternative.

[1] Yves Smith, “Women Skeptical of the Women’s March,” Naked Capitalism, February 10, 2017.

[2] Radhika Desai, “Decoding Trump,” Counterpunch, February 10, 2017.

[3] “Pelosi denies Democrats are divided on strategy for 2018,” Yahoo News, February 10, 2018. https://www.yahoo.com/news/pelosi-denies-democrats-are-divided-on-strategy-for-2018-194337876.html

[4] Ibid.

(Republished from Real World Economics Review by permission of author or representative)
 
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  1. “debt writedowns”? Exactly what do you have in mind? Using fiat printing to stoke a hyper inflation, wiping out creditors and savers? Or maybe instituting a Jubilee and just declare all debts null and void, also wiping out savers and creditors? Call this scheme what it is…..theft….stealing. Nothing too low for you lefties……..huh, Hudson?

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    • Replies: @Inertiller
    What do you call handing trillions to bankers on both sides of the Atlantic? In a long deleveraging "savers and creditors" will perish too, even as they suck on QE.
    Unfortunately we're going to get de-regulation with the Orange Realtor and Goldman's mafia - so much for restraining the banksters from their typical stealing and theft.
    , @JustJeff
    My heart breaks for the poor, unfortunate usurers. Imagine the hardship they'd suffer. Why, they might even have to sell a house or two. They may even be forced to *gasp* raise their own children!
    , @TG
    As regards nsa, certainly just declaring all debts null and void would be a mistake. I myself believe very strongly in personal responsibility. I have never bounced a check, or failed to pay a valid bill. But.

    One is reminded that the founders of the United States of America - who could hardly be accused of being communists - did not like the idea of debtor's prisons and supported the idea of bankruptcy law in allowing unpayable debts to be cleared out.

    One is also reminded that the heart of capitalism is NOT that debts must be paid. The heart and soul of capitalism is that when people make bad investments, they lose money.

    So we have all this odious debt, and much of it is guaranteed by the government. Why not write it down? If the big banks make stupid loans to corrupt third-world politicians, if they load up naive youth with college debt getting worthless degrees from third-rate institutions, if they gamble trillions on bizarre financial manipulations and lose, if they turn the stock market into an over-leveraged Ponzi scheme based on companies buying their own stock with borrowed money, why shouldn't we let this all unwind, rather than have the government stop in to bail these private investors out with public monies, thus locking the America public into debt slavery forever?
    , @MEFOBILLS
    Debt instruments grow with mathematical certainty, creating debt overhead.

    During a hypothecation event, where a debt instrument and new bank credit is created simultaneously, the debt instrument always asks for more.

    In other words, the credit and the debt are not perfect mirrors of each other. The more time involved, the more the debt instrument demands.

    Other types of debt instruments make demands of the existing money supply. An economy can get to the point, where the debt claims exceed the actual transaction money supply by many times.

    People also use the word "fiat" as an epithet. Over 2000 years of coin history, including gold coins was fiat. As soon as the coin gets its king's stamp, then it is a legal device.

    What most people really want is a fair deal, without somebody taking rents (stealing). Hudson is on the forefront of discerning what is earned and unearned income, and where the rents are in an economy.

    It is neither right nor left politics. It is simply is good monetary science or not.
    , @Murali
    nsa there was a write down for the bankers and then to top it off for 8 years they were given a free ride at the FED to borrow at 0% interest so they can fleece the working stiffs of what is left in their pockets. After all these years of Obama / Bernanke / Yellen we have an economy that is enemic at best or on life support at worst. So choose your poison.
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  2. Thanks for the astute observations. In any case, having the policies of a country for the benefit of the majority rather than rapacious oligarchs can hardly be characterized as the province of only the left. Conservative populism and libertarianism agree.

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  3. The great progressive Jimmy Dore explains the collapse of the corrupt Democratic party.

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  4. @nsa
    "debt writedowns"? Exactly what do you have in mind? Using fiat printing to stoke a hyper inflation, wiping out creditors and savers? Or maybe instituting a Jubilee and just declare all debts null and void, also wiping out savers and creditors? Call this scheme what it is.....theft....stealing. Nothing too low for you lefties........huh, Hudson?

    What do you call handing trillions to bankers on both sides of the Atlantic? In a long deleveraging “savers and creditors” will perish too, even as they suck on QE.
    Unfortunately we’re going to get de-regulation with the Orange Realtor and Goldman’s mafia – so much for restraining the banksters from their typical stealing and theft.

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  5. In First 2 Months in Office – Trump Reduces Debt by $100 Billion – Obama Increased Debt by $400 Billion – Half a Trillion Dollar Difference!

    http://www.thegatewaypundit.com/2017/03/355719/

    On January 20th, the day of President Trump’s Inauguration, the US Debt stood at $19,947 billion. As of March 16th, the most recent date for US debt reporting, the US Debt stands at $19,846 billion. President Trump has cut the US Debt burden by over $100 billion and 0.5% in the first two months since his inauguration!

    By comparison, under President Obama, the US Debt burden increased by more than $400 billion after his inauguration through March 19th 2009, his first two months in office. Obama increased the US Debt by 3.9% during this time period and signed the trillion dollar ‘Stimulus’ bill which is widely considered a colossal failure and waste of US tax dollars as well. The failed ‘Stimulus’ was the major piece of legislation in Obama’s first year leading to Obama’s first year deficit of $1.4 trillion. Overall Obama doubled the US Debt during his Presidency and set records for highest deficits and the largest debt increase by any President ever.

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    • Replies: @bluedog
    Hmm where did he cut it as he escalates the wars in the mid-east increases defence by some $56 billion on top of the billions for each separate service except the coast guard that is that he cut,lol so much for protecting the borders..
    , @Grahamsno(G64)

    In First 2 Months in Office – Trump Reduces Debt by $100 Billion – Obama Increased Debt by $400 Billion – Half a Trillion Dollar Difference!
     
    Obama took office when there was a fucking meltdown you pathetic moron, the worst crisis since the great depression an economic pandemic and he left Trump with a moderately healthy recovering patient.
  6. Is there some requirement of East Coast leftist polemical writing that it stays exactly the same across the decades? The first few paragraphs are strongly redolent of a back issue of The Nation or Harper’s from the 90s (something one might idly flip through at a coffeehouse in Ann Arbor or Champaign). After that though, I started to doze off…

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  7. Everyone loves to go on about how the other party is ‘destroyed’ after an electoral defeat. I remember hearing how doomed the GOP was in 2009 and the Dems were in 2004. The Dems got about a third of the country already, they just have to win over the people in the middle. They’ll be back, just wait for Trump to do something dumb the MSM will trumpet mercilessly.

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  8. As a net saver, some of whose savings are in the form of other people’s debts, I would rather take my chances with tariffs and protectionism and the possible on-shoring or creation of better jobs for the lower-95 in the hopes that they might then be able to repay some or all of their debts rather than bring on the cataclysmic deflation that a jubilee would spur. Yeah, asset values are way overblown because of debt, but bursting that bubble would leave the top 1% firmly ensconced as the lords and the rest of us as mere serfs. Jubilee is nothing more than saying that what we have now has no going-concern value, and I am not willing to write off the nation, or the world for that matter, just yet.

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  9. At the end of the day, Michael Hudson is the very thing he attacks. Hudson is an enthusiast for giving the Greedy Cheating Liberal Mega CEO a massive Asian Legal Immigrant scab labor subsidy.

    As far as Identity Politics goes…well, Racial Identity Politics is just a fact of life.This is why there are National Borders in the word-so the different racial tribes can live on their own Living and Breeding Space. Hudson should have thought about this when he along with his fellow White Liberals were cheerleading flooding the US with highly racialized nonwhite Legal Immigrants.

    I seriously doubt that Michael Hudson has any problems and concerns with the racial identity politics of the Chinese in China and the Chinese in Flushing Queens…for I know for a fact that Michael Hudson has always been an enthusiast for transforming Flushing Queens into little China.

    At the end of the day, Michael Hudson has always been…and continues to be the mortal enemy of the Native Born White American Working Class.

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    • Agree: Inque Yutani
    • Replies: @Alden
    You are so right. Hudson's articles are a clip and paste of previous articles. And he suddenly discovers that the democrats are no longer the party of labour opposed to cutthroat capitalism

    The democrats dumped the workers in 1968 in favor of fomenting race war against Whites. And Hudson just discovered this?

    And the nonsense that the democrats are on the brink of destruction. It's the oldest political party in the world. Every year millions of democrat immigrants arrive and have anchor babies.

    Democrats control the big cities which are democrat and the big city voters are so numerous that they overwhelming the votes of the rest of the state giving the electoral vote to the democrats.

    I think Hudson is a romantic with some fantasy of bringing back FDR's alliance with the labour unions

    Hudson should learn some history of the democrats. It was a coalition of the northern cities working class and the Whites of the slave owning segregated south in which the White working class were treated as badly as the blacks.
  10. the Democrats depict every identity constituency as being victimized by every other, setting themselves at each other’s heels. Clinton strategist John Podesta, for instance, encouraged Blacks to accuse Sanders supporters of distracting attention from racism. Pushing a common economic interest between whites, Blacks, Hispanics and LGBTQ always has been the neoliberals’ nightmare.

    Hmm – 3839 words and not one of them “Jew” – how can that be? How can someone write about US politics and not say “Jew”? Their money controls both parties, the MSM, and congress.

    It is 100% for sure that the reason that these groups are pitted against each other, is because that fits the Jew’s modal for controlling a culture.

    Divide and conquer is their game plan. It was yesterday, and today, and it will be tomorrow.

    Peace — Art

    p.s. Neoliberal is the new word for liberal Jews and their geo-political agenda. Just like neocon is the word for conservative Jews and their geo-political agenda.

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  11. I am amused that Mr. Hudson takes Barry Obama seriously. Leaving aside his murky personal history (nothing about it has been cleared up, by the way, including his true place of birth) Obama was an empty suit, an actor, not a real president in any sense of the word. He was exactly what an earlier writer said on this site, a moderately intelligent “minority” who had learned to mimic the behavior expected of a “respectable African-American”. He had the intellectual depth of a coffee cup wedded to a typically impressive line of meaningless blather. If he had not lucked into the White House gig he would have been a tap dancer, car thief or homeless person mumbling to himself on some Chicago street corner. His own driving force, if it can be called that, was resentment and rage over his unfortunate mulatto status (a common psychological state in such people). The only interesting thing about the Obama Administration is the identity of the real string pullers behind him.

    Read More
    • Replies: @Truth

    I am amused that Mr. Hudson takes Barry Obama seriously. Leaving aside his murky personal history (nothing about it has been cleared up, by the way, including his true place of birth) Obama was an empty suit, an actor, not a real president in any sense of the word.
     
    All presidents are actors, the job itself is an ersatz position. Every 4 years you get two actors competing in a predetermined "contest" for a phony job. Barry no more than anyone else.

    Until you understand this, you are a sap, and part of the problem.
    , @Corvinus
    I suppose you, as an alleged former CIA analyst, are more inclined to make up things like saying how we don't know much about Obama's personal history, or his intellectual status, or him being other than a "real" president. That's your Deep State cover...the bumbling buffoon.
    , @in the middle
    I read somewhere that the reason the elite placed Berry in the White House, was to pass regulations needed which a 'white' president could not be allowed. Thus calling racist any one who apposed Berry of doing. Who knows.. fallow the money I guess.
  12. Instead of accepting even Sanders’ centrist-left stance,

    Sanders is no centrist. The man is a hard, far leftist.

    Trostsky was a Fascist.

    Read More
    • Replies: @another fred

    Sanders is no centrist. The man is a hard, far leftist.

    Trostsky was a Fascist.

     

    https://www.youtube.com/watch?v=WboggjN_G-4
    , @gwynedd1
    I see cause for agreement. He is a centrist far leftist. His is to the right of Trotsky and to the left of LBJ...
  13. @nsa
    "debt writedowns"? Exactly what do you have in mind? Using fiat printing to stoke a hyper inflation, wiping out creditors and savers? Or maybe instituting a Jubilee and just declare all debts null and void, also wiping out savers and creditors? Call this scheme what it is.....theft....stealing. Nothing too low for you lefties........huh, Hudson?

    My heart breaks for the poor, unfortunate usurers. Imagine the hardship they’d suffer. Why, they might even have to sell a house or two. They may even be forced to *gasp* raise their own children!

    Read More
  14. In terms of Sanders ‘changing’ the Democratic Party….. the one thing we know for certain is that the people in power at the top of the current Democratic Party will not allow that to happen. We know from the last campaign that the will cheat, collude, lie and do anything possible, whether moral or immoral, whether legal or illegal, to prevent that from happening.

    When Sanders declared as a Democratic candidate, I already knew that the current top Democrats would cheat to win and make sure he was never the nominee. Same is true today about Sanders trying to ‘Change’ the Democratic Party.

    Whether he realizes it or not, Sanders assigned role is to keep people who are “Left of Reagan” within the Democratic Party. And then, after the rulers cheat to win and make sure the Sandernistas are defeated, then they are supposed to quietly line up and vote for whatever ‘donor-class’ candidates the Democrats have put into power.

    Its all a farce. The Democratic party is corrupt. The Democrats cheat. There is no chance for any sort of fair contest within the Democratic party because the Democrats will not allow it. Surely that was obvious in the last election. Its been obvious for nearly 30 years now.

    The first step to any real change or useful politics on the left is to defeat and destroy the Democratic party and send them the way of the Whigs.

    Read More
    • Replies: @WorkingClass

    The first step to any real change or useful politics on the left is to defeat and destroy the Democratic party and send them the way of the Whigs.
     
    This is the simple truth.
    , @Skeptikal
    Re changing the Dem. Party vs. binning it and starting afresh.

    Only the latter has a chance. No chance of fixing the effed-up, failed party, the Dem Party from within.

    The proof: From leaders of the charter school movement.
    They have decisively shown that trying to turn around a failing school does not work.
    You have to close the school, move the students (including possibly a different student body mix) to a new school with new staff, new teachers, new everything, and start over.

    Same with the Dem Party. It cannot be changed or fixed from within. It has to be eliminated. Sanders blew it in July. Is he up to it now? Does he understand?
  15. “Like Obama before him, Trump campaigned as a rasa tabla, a vehicle for everyone to project their hopes and fancies.”

    As usual, Hudson doesn’t get it. Trump’s campaign was based entirely on policy issues. In the interests of conciseness, I’ll just note that whenever he briefly escaped the fake news MSM’s policy blackout, he consistently and vigorously attacked the establishment’s policy triad, aptly characterized by Steve SAiler as “invade the world/invite the world/in debt to the world”.

    Trump opposed this working class and nation destroying policy triad with a slate of concrete policies for reversing these policies. Among these were: (1) bilateral re-negotiations of trade agreements; (2) penalties on US companies moving operations abroad; (3) restrictions on the immigration and naturalization policies that were benefiting the establishment while impoverishing working class Americans; (4) withdrawing from costly, murderous and useless wars in the Middle East; (5) ratcheting down dangerous and unnecessary provocations directed at Russia and China; and (6) withdrawing from outdated military alliances like NATO unless they were updated to meet current condition.

    Trump supporters were either already aware of his policy positions or became aware of them during his campaign through alternative news sources. If the fake news MSM had actually treated the campaign as a clash of policy views and made the public aware of Trump’s positions, he probably would have won in a landslide Had that been the case my guess is that the establishment and its deep state allies would have lost the nerve to subvert Trump’s policies the way they have been.

    As it is, it’s hard to tell whether Trump is backing away from some campaign promises because he never meant to keep them or because he is being thwarted by the overwhelming tsunami of establishment sabotage and disruption that is sweeping over him and his administration. If this continues as blatantly as it has been, expect a coup or a real civil war. Trump’s hard core supporters have exercised an admirable amount of restraint up to this point. Their patience is not infinite and any further or more extreme provocations are likely to exhaust it..

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  16. This is much better than your last few pieces. The description of the current political situation was really good, particularly in how you limited your lefty viewpoint in service to your really solid attempt to summarize the core of what is driving both the red and the blue team at present. There is common ground in this piece where many of your others read from a solid lefty viewpoint which is a major put off for those who don’t take all of the bedrock beliefs of lefties as correct. In short, with a little practice you could likely have PEOPLE from left right and center eating from your hand with such descriptive commentary on the political intricacies driving the situation on the ground. Well done.

    PS It is really long, my comments pertain to the first half of the piece, I tired out about halfway.

    Read More
    • Replies: @edNels

    PS It is really long, my comments pertain to the first half of the piece, I tired out about halfway.
     
    Tired old left viewpoints to the side, Mike I think draws attention to a real problem here:

    Trump may end up as America’s Boris Yeltsin, protecting U.S. oligarchs (not that Hillary would have been different, merely cloaked in a more colorful identity rainbow).
     
    and here, where the real rip off will come!

    U.S. economy is in for Shock Therapy. Voters should look to Greece to get a taste of the future in this scenario.
     
  17. 2 party system = the 2 feeds each other. bush jr(this was the start of polarizing politics) gave us obama who gave us trump. the reds and blues will never die without a strong 3rd party or a 4th.

    evangelicals gave us both bush jr and trump.

    the left is too divided. the evangelicals are very united in a flock of sheep led by a wolf kind of way :)

    voting is a farce anyway. trump’s recent cuts hurts the very people who voted for him. reading the comments here and else where, the retards are still defending him, rationalizing his statements and actions.

    TIP: guys, take care of yourselves.

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  18. Instead of Trump’s victory dispelling that strategy, the Democrats are doubling down. It is as if identity politics is all they have.

    Well, isn’t IP all they really have? Basically, at this point in history, we’ve got a choice between a neoliberal party that enforces political correctness, and a neoliberal party that doesn’t.

    Read More
    • Replies: @Joe Franklin

    Well, isn’t IP all they really have?

     

    Leftist have their crony capitalism too.

    Left wing crony capitalism revolves around their access to taxpayer funds, favorable federal legislation and case law, media manipulation of equity values, and the use of military force in favor of victim cult schemer businesses.

    Left wing IP is ultra-large scale cronyism.

    Victim cult people are conditioned to regularly trade their votes for IP group government entitlements.
  19. the Democratic National Committee (DNC) strategy of identity politics encourages any identity except that of wage earners.

    Wrong. The DNC encourages any identity except that of whites.

    The identity that is conspicuously excluded is the working class.

    Wrong. Again, it’s whites that are excluded because the Dems whole coalition is held together by one thing: Hatred of whites, particularly white males.

    But what does their party leadership have to offer women, Blacks and Hispanics in the way of employment, more affordable health care, housing or education and better pay? Where are the New Deal pro-labor, pro-regulatory roots of bygone days?

    The Dems offer forced redistribution of wealth and income from white males to single white women and minorities. That’s a slam dunk win for Dems with those groups. As those groups increase as a percentage of the voting popultion, the Dems will become more successful. Demographics favor the Dems so they don’t need to change anything.

    Mr. Hudson is hopelessly stuck in the past. Policy and ideological debates are the luxury of racially/ethnically homogeneous societies. Mr. Hudson remembers such a time in the United States but fails to notice that that harmonious era has passed.

    We are a multi-racial, multi-ethnic, multi-cultural socieity and, as such, people will vote according to their race. (Well, non-whites will, and, if whites ever wake up to the reality that they are quickly moving to be just another minority group, so will whites.)

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  20. @Wally
    In First 2 Months in Office – Trump Reduces Debt by $100 Billion – Obama Increased Debt by $400 Billion – Half a Trillion Dollar Difference!
    http://www.thegatewaypundit.com/2017/03/355719/

    On January 20th, the day of President Trump’s Inauguration, the US Debt stood at $19,947 billion. As of March 16th, the most recent date for US debt reporting, the US Debt stands at $19,846 billion. President Trump has cut the US Debt burden by over $100 billion and 0.5% in the first two months since his inauguration!

    By comparison, under President Obama, the US Debt burden increased by more than $400 billion after his inauguration through March 19th 2009, his first two months in office. Obama increased the US Debt by 3.9% during this time period and signed the trillion dollar ‘Stimulus’ bill which is widely considered a colossal failure and waste of US tax dollars as well. The failed ‘Stimulus’ was the major piece of legislation in Obama’s first year leading to Obama’s first year deficit of $1.4 trillion. Overall Obama doubled the US Debt during his Presidency and set records for highest deficits and the largest debt increase by any President ever.

    Hmm where did he cut it as he escalates the wars in the mid-east increases defence by some $56 billion on top of the billions for each separate service except the coast guard that is that he cut,lol so much for protecting the borders..

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  21. There is a covert economic program, to be sure, and it is bipartisan. It is to make elections about just which celebrities will introduce neoliberal economic policies with the most convincing patter talk. That is the essence of rasa tabla politics.

    Democrats…Republicans, ain’t a dime’s worth of difference.
    – George Wallace

    Read More
    • Replies: @jacques sheete

    Democrats…Republicans, ain’t a dime’s worth of difference.
    – George Wallace
     
    True.

    However [political parties] may now and then answer popular ends, they are likely in the course of time and things, to become potent engines, by which cunning, ambitious, and unprincipled men will be enabled to subvert the power of the people and to usurp for themselves the reins of government, destroying afterwards the very engines which have lifted them to unjust dominion.

    GEORGE WASHINGTON, Farewell Address, Sep. 17, 1796

     


    “Well, these … men, whether they were Democrats or Republicans, were willing to do anything to help each other. They were all in the same boat, regardless of party, and so they made rules and did things to help each other get elected…”

    --Jeanette Rankin, interview, 1972 (Published 1974) http://texts.cdlib.org/view?docId=kt758005dx

    Rankin, running as a Republican Progressive, was the first woman voted to congress and was the only congressperson to vote against US entry into WW1. She was also the only one to vote against the war against Japan after the attack on Pearl Harbor.
     


    “In 1956, I shall not go to the polls. I have not registered. I believe that democracy has so far disappeared in the United States that no "two evils" exist. There is but one evil party with two names, and it will be elected despite all I can do or say.“

    -W.E.B. Dubois, Why I Won't Vote, The Nation, 20 October 1956

    http://www.hartford-hwp.com/archives/45a/298.html

     

  22. @Chris Bridges
    I am amused that Mr. Hudson takes Barry Obama seriously. Leaving aside his murky personal history (nothing about it has been cleared up, by the way, including his true place of birth) Obama was an empty suit, an actor, not a real president in any sense of the word. He was exactly what an earlier writer said on this site, a moderately intelligent "minority" who had learned to mimic the behavior expected of a "respectable African-American". He had the intellectual depth of a coffee cup wedded to a typically impressive line of meaningless blather. If he had not lucked into the White House gig he would have been a tap dancer, car thief or homeless person mumbling to himself on some Chicago street corner. His own driving force, if it can be called that, was resentment and rage over his unfortunate mulatto status (a common psychological state in such people). The only interesting thing about the Obama Administration is the identity of the real string pullers behind him.

    I am amused that Mr. Hudson takes Barry Obama seriously. Leaving aside his murky personal history (nothing about it has been cleared up, by the way, including his true place of birth) Obama was an empty suit, an actor, not a real president in any sense of the word.

    All presidents are actors, the job itself is an ersatz position. Every 4 years you get two actors competing in a predetermined “contest” for a phony job. Barry no more than anyone else.

    Until you understand this, you are a sap, and part of the problem.

    Read More
  23. @Chris Bridges
    I am amused that Mr. Hudson takes Barry Obama seriously. Leaving aside his murky personal history (nothing about it has been cleared up, by the way, including his true place of birth) Obama was an empty suit, an actor, not a real president in any sense of the word. He was exactly what an earlier writer said on this site, a moderately intelligent "minority" who had learned to mimic the behavior expected of a "respectable African-American". He had the intellectual depth of a coffee cup wedded to a typically impressive line of meaningless blather. If he had not lucked into the White House gig he would have been a tap dancer, car thief or homeless person mumbling to himself on some Chicago street corner. His own driving force, if it can be called that, was resentment and rage over his unfortunate mulatto status (a common psychological state in such people). The only interesting thing about the Obama Administration is the identity of the real string pullers behind him.

    I suppose you, as an alleged former CIA analyst, are more inclined to make up things like saying how we don’t know much about Obama’s personal history, or his intellectual status, or him being other than a “real” president. That’s your Deep State cover…the bumbling buffoon.

    Read More
  24. @Seamus Padraig

    Instead of Trump’s victory dispelling that strategy, the Democrats are doubling down. It is as if identity politics is all they have.
     
    Well, isn't IP all they really have? Basically, at this point in history, we've got a choice between a neoliberal party that enforces political correctness, and a neoliberal party that doesn't.

    Well, isn’t IP all they really have?

    Leftist have their crony capitalism too.

    Left wing crony capitalism revolves around their access to taxpayer funds, favorable federal legislation and case law, media manipulation of equity values, and the use of military force in favor of victim cult schemer businesses.

    Left wing IP is ultra-large scale cronyism.

    Victim cult people are conditioned to regularly trade their votes for IP group government entitlements.

    Read More
  25. March 22, 2017 It’s Time To End America’s Longest War

    In the latest round of saber-rattling between the US and North Korean governments, US Secretary of State Rex Tillerson laid down the well-worn line. “All options,” he said during a visit to South Korea, “are on the table.”

    https://www.antiwar.com/blog/2017/03/22/its-time-to-end-americas-longest-war/

    Read More
    • Replies: @WorkingClass
    America's longest war is the war on some drugs. The Gulag is brimming with it's casualties. And yes. It's time to end it.
  26. Rather than comment where I think or don’t think the Trump administration is going to go, I would rather focus on the future of the Democratic Party. First of all, they have become totally insane. If you thought they were looney 20 years ago (I did) – they definitely are in need of a collective rubber room today. Unfortunately like the GOP, they are beholden to many of the same globalist interests, but their trek deeper into the not so loving arms of Marx and Lenin under the reign of Emperor Barack I has been met with a resounding repudiation by the white working and middle class who have suffered greatly from the overbearing identity politics of the Democratic Party. How can the Dems stagger towards something approaching sanity? First and foremost, they would have to become the anti-war party. I am not speaking in a total pacifist manner. Even if they made a 50% move in that direction, it would benefit them greatly. They would gain back the support of many of the Bernie people they lost, and maybe something approaching respect from the rest of us who are also sick and tired of America’s endless wars that have benefited so few people. The rest depends on Trump and his ability to overcome his current opposition from within and without. Yes, he is being hampered by many, but I think that his views, particularly on America’s place in the world, has more than a slightly militaristic tinge. Does he really view geopolitics with a unipolar mindset? In this aspect, if Trump fails, the Dems will gain by default. Not because they’ve gained a new fan base, but because the people who supported Trump this time around will stay home and not vote.

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  27. I was a supporter of Ralph Nader and of Dennis Kucinich. I know from experience that the DNC is the most dangerous enemy of the left. By the time Obama was selling his snake oil I knew better. And I never gave Bernie a second look. I knew his job was to neutralize what remains of the American left. Perhaps a charismatic lefty will appear out of nowhere to lead fellow lefties out of the political wilderness. But forget about Bernie and forget about the Democratic Party. Forget about Jill Stein and Elizabeth Warren, both in Hillary”s camp. Lefties should support President Trump (not the GOP) until they find a champion of their own.

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  28. @Linda Green
    This is much better than your last few pieces. The description of the current political situation was really good, particularly in how you limited your lefty viewpoint in service to your really solid attempt to summarize the core of what is driving both the red and the blue team at present. There is common ground in this piece where many of your others read from a solid lefty viewpoint which is a major put off for those who don't take all of the bedrock beliefs of lefties as correct. In short, with a little practice you could likely have PEOPLE from left right and center eating from your hand with such descriptive commentary on the political intricacies driving the situation on the ground. Well done.

    PS It is really long, my comments pertain to the first half of the piece, I tired out about halfway.

    PS It is really long, my comments pertain to the first half of the piece, I tired out about halfway.

    Tired old left viewpoints to the side, Mike I think draws attention to a real problem here:

    Trump may end up as America’s Boris Yeltsin, protecting U.S. oligarchs (not that Hillary would have been different, merely cloaked in a more colorful identity rainbow).

    and here, where the real rip off will come!

    U.S. economy is in for Shock Therapy. Voters should look to Greece to get a taste of the future in this scenario.

    Read More
  29. @Agent76
    March 22, 2017 It’s Time To End America’s Longest War

    In the latest round of saber-rattling between the US and North Korean governments, US Secretary of State Rex Tillerson laid down the well-worn line. “All options,” he said during a visit to South Korea, “are on the table.”

    https://www.antiwar.com/blog/2017/03/22/its-time-to-end-americas-longest-war/

    America’s longest war is the war on some drugs. The Gulag is brimming with it’s casualties. And yes. It’s time to end it.

    Read More
    • Replies: @Agent76
    Thanks for your time and comment WorkingClass. Most people have no idea or a clue about this information either.

    June 16, 2016 Supreme Court Ruling: Police Have No Duty to Protect the General Public

    However, did you know that the government, and specifically law enforcement, does not have any duty to protect the general public? Based on the headline and this information, you might assume this is a new, landmark decision.

    http://tribunist.com/news/supreme-court-ruling-police-have-no-duty-to-protect-the-general-public/

    Aug 21, 2016 Just Say No: Don't Federalize Local Police!

    Some people want you to think that the solution to problems with police is to get the federal government more involved. But they’ve got things completely backwards.

    https://youtu.be/H0euUoxPIp8
    , @gwynedd1
    We were making progress on the war on drugs...that is until the Taliban was defeated.

    This world is truly a paradise for cynics. I am thankful everyday that I was born a cynic into a world so ripe for ridicule.
  30. @OldAbe
    In terms of Sanders 'changing' the Democratic Party..... the one thing we know for certain is that the people in power at the top of the current Democratic Party will not allow that to happen. We know from the last campaign that the will cheat, collude, lie and do anything possible, whether moral or immoral, whether legal or illegal, to prevent that from happening.

    When Sanders declared as a Democratic candidate, I already knew that the current top Democrats would cheat to win and make sure he was never the nominee. Same is true today about Sanders trying to 'Change' the Democratic Party.

    Whether he realizes it or not, Sanders assigned role is to keep people who are "Left of Reagan" within the Democratic Party. And then, after the rulers cheat to win and make sure the Sandernistas are defeated, then they are supposed to quietly line up and vote for whatever 'donor-class' candidates the Democrats have put into power.

    Its all a farce. The Democratic party is corrupt. The Democrats cheat. There is no chance for any sort of fair contest within the Democratic party because the Democrats will not allow it. Surely that was obvious in the last election. Its been obvious for nearly 30 years now.

    The first step to any real change or useful politics on the left is to defeat and destroy the Democratic party and send them the way of the Whigs.

    The first step to any real change or useful politics on the left is to defeat and destroy the Democratic party and send them the way of the Whigs.

    This is the simple truth.

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  31. Look, the Democratic Party is a very simple structure: It’s a party of the high-low against the middle. Specifically, a super-rich oligarchy whipping up a lumpen-proletariat of blacks, hispanics and immigrant ringers against middle-class and working -class white people. That’s it. There is nothing more to understand.

    Bernie Sanders is as much a product of this structure as Hillary Clinton. Why is it expected that he would alter it? Just because Hillary hates him? You would not expect that two people with identical policy positions would not battle fiercely if only one can lead? Stop with the fake Bernie populism. The man is as pro-open borders as Hillary.

    Trump led a populist campaign against an oligarchy, a common technique throughout history. He succeeded. Some members of the oligarchy see a chance to achieve power by siding with him. Also common throughout history. So far, Trump is engineering turmoil, to see where everybody stands and to expose who they are, something like a corporate takeover, as opposed to simply trying to appease everyone.

    It’s working out pretty well.

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  32. @nsa
    "debt writedowns"? Exactly what do you have in mind? Using fiat printing to stoke a hyper inflation, wiping out creditors and savers? Or maybe instituting a Jubilee and just declare all debts null and void, also wiping out savers and creditors? Call this scheme what it is.....theft....stealing. Nothing too low for you lefties........huh, Hudson?

    As regards nsa, certainly just declaring all debts null and void would be a mistake. I myself believe very strongly in personal responsibility. I have never bounced a check, or failed to pay a valid bill. But.

    One is reminded that the founders of the United States of America – who could hardly be accused of being communists – did not like the idea of debtor’s prisons and supported the idea of bankruptcy law in allowing unpayable debts to be cleared out.

    One is also reminded that the heart of capitalism is NOT that debts must be paid. The heart and soul of capitalism is that when people make bad investments, they lose money.

    So we have all this odious debt, and much of it is guaranteed by the government. Why not write it down? If the big banks make stupid loans to corrupt third-world politicians, if they load up naive youth with college debt getting worthless degrees from third-rate institutions, if they gamble trillions on bizarre financial manipulations and lose, if they turn the stock market into an over-leveraged Ponzi scheme based on companies buying their own stock with borrowed money, why shouldn’t we let this all unwind, rather than have the government stop in to bail these private investors out with public monies, thus locking the America public into debt slavery forever?

    Read More
    • Replies: @nsa
    The present scheme of running inflation higher than the nominal interest rate is in effect a slow motion write down of debt. Example: 2% interest rates in a 4% inflation environment results in a halving of money value and debt obligations every 72/(4-2) = 36 years. However, what several leftie perps on this site, including Hudson, are suggesting is a Jubilee i.e. the complete destruction of the credit markets. This would usher in an immediate super depression as 90% of all car and house sales are financed. In hindsight, the large bankrupt institutions should have been allowed to fail back in 2009 and 2010, and losses fall upon their share holders and bond holders. The result would have been lasting financial prudence, at least for a generation. Since the debt overhang has still not been allowed to clear, the slow motion depression-lite continues.
  33. @WorkingClass
    America's longest war is the war on some drugs. The Gulag is brimming with it's casualties. And yes. It's time to end it.

    Thanks for your time and comment WorkingClass. Most people have no idea or a clue about this information either.

    June 16, 2016 Supreme Court Ruling: Police Have No Duty to Protect the General Public

    However, did you know that the government, and specifically law enforcement, does not have any duty to protect the general public? Based on the headline and this information, you might assume this is a new, landmark decision.

    http://tribunist.com/news/supreme-court-ruling-police-have-no-duty-to-protect-the-general-public/

    Aug 21, 2016 Just Say No: Don’t Federalize Local Police!

    Some people want you to think that the solution to problems with police is to get the federal government more involved. But they’ve got things completely backwards.

    Read More
    • Replies: @bluedog
    Well as one state trooper told me we aren't here to protect the people but to protect the state and I presume the rest are the same way..
  34. @TG
    As regards nsa, certainly just declaring all debts null and void would be a mistake. I myself believe very strongly in personal responsibility. I have never bounced a check, or failed to pay a valid bill. But.

    One is reminded that the founders of the United States of America - who could hardly be accused of being communists - did not like the idea of debtor's prisons and supported the idea of bankruptcy law in allowing unpayable debts to be cleared out.

    One is also reminded that the heart of capitalism is NOT that debts must be paid. The heart and soul of capitalism is that when people make bad investments, they lose money.

    So we have all this odious debt, and much of it is guaranteed by the government. Why not write it down? If the big banks make stupid loans to corrupt third-world politicians, if they load up naive youth with college debt getting worthless degrees from third-rate institutions, if they gamble trillions on bizarre financial manipulations and lose, if they turn the stock market into an over-leveraged Ponzi scheme based on companies buying their own stock with borrowed money, why shouldn't we let this all unwind, rather than have the government stop in to bail these private investors out with public monies, thus locking the America public into debt slavery forever?

    The present scheme of running inflation higher than the nominal interest rate is in effect a slow motion write down of debt. Example: 2% interest rates in a 4% inflation environment results in a halving of money value and debt obligations every 72/(4-2) = 36 years. However, what several leftie perps on this site, including Hudson, are suggesting is a Jubilee i.e. the complete destruction of the credit markets. This would usher in an immediate super depression as 90% of all car and house sales are financed. In hindsight, the large bankrupt institutions should have been allowed to fail back in 2009 and 2010, and losses fall upon their share holders and bond holders. The result would have been lasting financial prudence, at least for a generation. Since the debt overhang has still not been allowed to clear, the slow motion depression-lite continues.

    Read More
    • Replies: @another fred

    The present scheme of running inflation higher than the nominal interest rate is in effect a slow motion write down of debt.
     
    The problem with that scheme is that they have had to grow debt faster than anything else to get the "result" they wanted. The belief that they could do otherwise was a delusion.
  35. @Agent76
    Thanks for your time and comment WorkingClass. Most people have no idea or a clue about this information either.

    June 16, 2016 Supreme Court Ruling: Police Have No Duty to Protect the General Public

    However, did you know that the government, and specifically law enforcement, does not have any duty to protect the general public? Based on the headline and this information, you might assume this is a new, landmark decision.

    http://tribunist.com/news/supreme-court-ruling-police-have-no-duty-to-protect-the-general-public/

    Aug 21, 2016 Just Say No: Don't Federalize Local Police!

    Some people want you to think that the solution to problems with police is to get the federal government more involved. But they’ve got things completely backwards.

    https://youtu.be/H0euUoxPIp8

    Well as one state trooper told me we aren’t here to protect the people but to protect the state and I presume the rest are the same way..

    Read More
  36. @War for Blair Mountain
    At the end of the day, Michael Hudson is the very thing he attacks. Hudson is an enthusiast for giving the Greedy Cheating Liberal Mega CEO a massive Asian Legal Immigrant scab labor subsidy.

    As far as Identity Politics goes...well, Racial Identity Politics is just a fact of life.This is why there are National Borders in the word-so the different racial tribes can live on their own Living and Breeding Space. Hudson should have thought about this when he along with his fellow White Liberals were cheerleading flooding the US with highly racialized nonwhite Legal Immigrants.

    I seriously doubt that Michael Hudson has any problems and concerns with the racial identity politics of the Chinese in China and the Chinese in Flushing Queens...for I know for a fact that Michael Hudson has always been an enthusiast for transforming Flushing Queens into little China.


    At the end of the day, Michael Hudson has always been...and continues to be the mortal enemy of the Native Born White American Working Class.

    You are so right. Hudson’s articles are a clip and paste of previous articles. And he suddenly discovers that the democrats are no longer the party of labour opposed to cutthroat capitalism

    The democrats dumped the workers in 1968 in favor of fomenting race war against Whites. And Hudson just discovered this?

    And the nonsense that the democrats are on the brink of destruction. It’s the oldest political party in the world. Every year millions of democrat immigrants arrive and have anchor babies.

    Democrats control the big cities which are democrat and the big city voters are so numerous that they overwhelming the votes of the rest of the state giving the electoral vote to the democrats.

    I think Hudson is a romantic with some fantasy of bringing back FDR’s alliance with the labour unions

    Hudson should learn some history of the democrats. It was a coalition of the northern cities working class and the Whites of the slave owning segregated south in which the White working class were treated as badly as the blacks.

    Read More
  37. And who is to disagree? As Trotsky said, fascism is the result of the failure of the left to provide an alternative.

    Capitalism is doomed to cycles of boom and bust and socialism is doomed to decay into corrupt oligarchy.

    We are not doomed, but our schemes and dreams are. Life goes on.

    pity this busy monster, manunkind,

    not…

    …We doctors know

    a hopeless case if — listen: there’s a hell
    of a good universe next door; let’s go

    (e. e. cummings)

    Read More
  38. @Truth

    There is a covert economic program, to be sure, and it is bipartisan. It is to make elections about just which celebrities will introduce neoliberal economic policies with the most convincing patter talk. That is the essence of rasa tabla politics.
     
    Democrats...Republicans, ain't a dime's worth of difference.
    - George Wallace

    Democrats…Republicans, ain’t a dime’s worth of difference.
    – George Wallace

    True.

    However [political parties] may now and then answer popular ends, they are likely in the course of time and things, to become potent engines, by which cunning, ambitious, and unprincipled men will be enabled to subvert the power of the people and to usurp for themselves the reins of government, destroying afterwards the very engines which have lifted them to unjust dominion.

    GEORGE WASHINGTON, Farewell Address, Sep. 17, 1796

    “Well, these … men, whether they were Democrats or Republicans, were willing to do anything to help each other. They were all in the same boat, regardless of party, and so they made rules and did things to help each other get elected…”

    –Jeanette Rankin, interview, 1972 (Published 1974) http://texts.cdlib.org/view?docId=kt758005dx

    Rankin, running as a Republican Progressive, was the first woman voted to congress and was the only congressperson to vote against US entry into WW1. She was also the only one to vote against the war against Japan after the attack on Pearl Harbor.

    “In 1956, I shall not go to the polls. I have not registered. I believe that democracy has so far disappeared in the United States that no “two evils” exist. There is but one evil party with two names, and it will be elected despite all I can do or say.“

    -W.E.B. Dubois, Why I Won’t Vote, The Nation, 20 October 1956

    http://www.hartford-hwp.com/archives/45a/298.html

    Read More
    • Replies: @Diversity Heretic
    The vote on a Declaration of War with Imperial Germany in World War I was 373-50 in the House and 82-6 in the Senate. Jeanette Rankin may have been the only Member to vote against a declaration of war against Austria-Hungary since the vote there was 74-0 in the Senate and 365-1 in the House. (Perhaps Austria-Hungary had already declared war on the United States, which would have made the decision easier. Austria-Hungary wasn't waging unrestricted submarine warfare in the Atlantic.)
  39. @nsa
    The present scheme of running inflation higher than the nominal interest rate is in effect a slow motion write down of debt. Example: 2% interest rates in a 4% inflation environment results in a halving of money value and debt obligations every 72/(4-2) = 36 years. However, what several leftie perps on this site, including Hudson, are suggesting is a Jubilee i.e. the complete destruction of the credit markets. This would usher in an immediate super depression as 90% of all car and house sales are financed. In hindsight, the large bankrupt institutions should have been allowed to fail back in 2009 and 2010, and losses fall upon their share holders and bond holders. The result would have been lasting financial prudence, at least for a generation. Since the debt overhang has still not been allowed to clear, the slow motion depression-lite continues.

    The present scheme of running inflation higher than the nominal interest rate is in effect a slow motion write down of debt.

    The problem with that scheme is that they have had to grow debt faster than anything else to get the “result” they wanted. The belief that they could do otherwise was a delusion.

    Read More
  40. @Quartermaster

    Instead of accepting even Sanders’ centrist-left stance,
     
    Sanders is no centrist. The man is a hard, far leftist.

    Trostsky was a Fascist.

    Sanders is no centrist. The man is a hard, far leftist.

    Trostsky was a Fascist.

    Read More
  41. “..it turned out that Obama’s role was to prevent the changes that voters hoped to see, and indeed that the economy needed to recover: financial reform, debt writedowns to bring junk mortgages in line with fair market prices, and throwing crooked bankers in jail. Obama rescued the banks, not the economy, and turned over the Justice Department and regulatory agencies to his Wall Street campaign contributors.”
    What we are witness to is an ongoing phantasmagory of democrats finally finding Jesus in Cheney. Listen to Adam Schiff or read the so-called “progressive” media -– the triumph of Cheneyism is complete.
    The “progressive” Harvard university has started a witch hunt against alternative media by establishing a sequestration list compiled by a person educated exclusively in “media studies” Ms. Zimdars. “A note attached to the guide lists the New York Times, the Atlantic, and National Public Radio as sources Zimdars trusts. ” In short, Ms Zimdars is neocon-trained. And who is funding these truth seekers? – “Menczer is the professor behind “Truthy,” a research project that received nearly $1 million from the federal government to create a database to detect “hate speech,” “misinformation,” and “suspicious memes” online.” Beautiful. Who knows better than the government what information is proper and what is not and therefore “fake.”

    http://freebeacon.com/culture/fake-professor-calls-free-beacon-fake-news/

    The Research Center at CUNY’s Graduate School of Journalism has been ahead of Harvard in censoring alternative media: http://press.journalism.cuny.edu/2016/12/cuny-journalism-professor-leads-fight-against-fake-news/ “In the article “A Call For Cooperation Against Fake News” CUNY Graduate School for Journalism Professor Jeff Jarvis and Internet Startup Investor John Borthwick outline a list of strategies to stop the proliferation of fake news via popular social media platforms.”
    This Jen Jarvis: ” I want to say Merry Christmas to Hillary Clinton. I am grateful to you for running a campaign on principle, patriotism, decency, honesty [?!], intelligence, optimism, maturity, experience, care, and civility.” http://www.huffingtonpost.com/jeff-jarvis/merry-christmas-hillary-c_b_13853514.html
    And here is Jen Jarvis’ apologia for snooping: “Privacy is important and privacy needs protection. But my fear is that as a society we have become so monomaniacal about privacy that we lose sight of publicness. Most of the time I hear people who are incredible fearful of the Internet. I argue that we need to embrace publicness.” https://bits.blogs.nytimes.com/2011/10/18/one-on-one-jeff-jarvis-author-of-public-parts/?_r=0

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  42. @Chris Bridges
    I am amused that Mr. Hudson takes Barry Obama seriously. Leaving aside his murky personal history (nothing about it has been cleared up, by the way, including his true place of birth) Obama was an empty suit, an actor, not a real president in any sense of the word. He was exactly what an earlier writer said on this site, a moderately intelligent "minority" who had learned to mimic the behavior expected of a "respectable African-American". He had the intellectual depth of a coffee cup wedded to a typically impressive line of meaningless blather. If he had not lucked into the White House gig he would have been a tap dancer, car thief or homeless person mumbling to himself on some Chicago street corner. His own driving force, if it can be called that, was resentment and rage over his unfortunate mulatto status (a common psychological state in such people). The only interesting thing about the Obama Administration is the identity of the real string pullers behind him.

    I read somewhere that the reason the elite placed Berry in the White House, was to pass regulations needed which a ‘white’ president could not be allowed. Thus calling racist any one who apposed Berry of doing. Who knows.. fallow the money I guess.

    Read More
  43. There are several reasons why Trump won despite all the MSM, academic, political opposition from both parties, and Trump’s own frequent gaffes. I frequently hear libs and lefties lament on how could have this happened. What they are failing to ask is why did this happen?

    Generally it was the low employment participation rate that propelled Trump into office. The middle class/working classes were decimated with temp jobs, gig jobs, layoffs, underemployment, or becoming discouraged workers. Trump gained political advantage by showing a concern for this issue.

    Both our statist Democrat, and corporatist Republican political masters refused to do anything, of real meaning, about jobs (which is the economy to a household). In addition there was a growing frustration with anti white rhetoric, rising urban crime, unpayable debt (public and private), constant increase in property taxes foreclosures by local government’s that behave like money junkies, and gun control which is a 4th amendment issue (with government threatening to confiscate personal property [guns], without due process, for criminal actions that the citizen gun owners themselves did not commit).

    Populist have lost faith in the system because it has been demonstrated by the corporatist that they are willing to layoff the workforce willy nilly in order to pursue profits, while the statist want to tax every cent of earnings to provide entitlement benefits to non workers. And the free traders pontificate that everyone benefits from globalism by comparative advantage, despite the fact that our trade deficit, and low employment participation rate, show a very different story.

    The results of all this is now our social & political structure has triangulated into competing groups: the corporatist & the statist political masters (with a very large subset of beneficiaries of statist entitlements) vs the Populist (the unemployed productive class). The elites can ignore the populist, but eventually the unemployment problem, leftist inspired racial balkanization (blaming whitey for everything), and unserviceable debt levels, will destabilize our society & economy.

    Read More
    • Replies: @annamaria
    "Populist have lost faith in the system..."
    And how they haven't when the supposedly "populist" Democratic party has joined forces with neocons and the CIA...
    "Democrats are so eager to take down President Trump that they are joining forces with the Surveillance State to trample the privacy rights of people close to Trump:" https://consortiumnews.com/2017/03/24/surveillance-state-goes-after-trump/
    "... because our mainstream media is owned by what?…half a dozen big conglomerates, all connected to the military industrial complex, they continue with the scenario of that old movie… the Russians are coming!…the Russians are coming! And unfortunately the Democrat Party has become the war party, very clearly. They’re the ones that don’t see the dangers in ginning up this very dangerous narrative of going after Russia, as meddling, or whatever. And they should ask for, we all should ask for the full evidence of this. If this is case, then we deserve to know the truth about it. And, so far, we haven’t seen anything. Look at that report. There’s nothing in it.
  44. @nsa
    "debt writedowns"? Exactly what do you have in mind? Using fiat printing to stoke a hyper inflation, wiping out creditors and savers? Or maybe instituting a Jubilee and just declare all debts null and void, also wiping out savers and creditors? Call this scheme what it is.....theft....stealing. Nothing too low for you lefties........huh, Hudson?

    Debt instruments grow with mathematical certainty, creating debt overhead.

    During a hypothecation event, where a debt instrument and new bank credit is created simultaneously, the debt instrument always asks for more.

    In other words, the credit and the debt are not perfect mirrors of each other. The more time involved, the more the debt instrument demands.

    Other types of debt instruments make demands of the existing money supply. An economy can get to the point, where the debt claims exceed the actual transaction money supply by many times.

    People also use the word “fiat” as an epithet. Over 2000 years of coin history, including gold coins was fiat. As soon as the coin gets its king’s stamp, then it is a legal device.

    What most people really want is a fair deal, without somebody taking rents (stealing). Hudson is on the forefront of discerning what is earned and unearned income, and where the rents are in an economy.

    It is neither right nor left politics. It is simply is good monetary science or not.

    Read More
    • Replies: @KA
    Over 2000 years of coin history, including gold coins was fiat. As soon as the coin gets its king’s stamp, then it is a legal device."


    No. One can print paper money and keep on printing .One cant keep digging and digging gold when there is no gold anymore .

    Military ,international institutions, arrangements with resource producing countries can keep domestic inflation at low or non existent level despite the trillions printed . Paper money ( USA) becomes "gold" by this illegal imposed extortionist and exploitative polices protected by military.
    Inflation is then exported abroad to other countries . America has exactly been doing this since 1973
  45. @Wally
    In First 2 Months in Office – Trump Reduces Debt by $100 Billion – Obama Increased Debt by $400 Billion – Half a Trillion Dollar Difference!
    http://www.thegatewaypundit.com/2017/03/355719/

    On January 20th, the day of President Trump’s Inauguration, the US Debt stood at $19,947 billion. As of March 16th, the most recent date for US debt reporting, the US Debt stands at $19,846 billion. President Trump has cut the US Debt burden by over $100 billion and 0.5% in the first two months since his inauguration!

    By comparison, under President Obama, the US Debt burden increased by more than $400 billion after his inauguration through March 19th 2009, his first two months in office. Obama increased the US Debt by 3.9% during this time period and signed the trillion dollar ‘Stimulus’ bill which is widely considered a colossal failure and waste of US tax dollars as well. The failed ‘Stimulus’ was the major piece of legislation in Obama’s first year leading to Obama’s first year deficit of $1.4 trillion. Overall Obama doubled the US Debt during his Presidency and set records for highest deficits and the largest debt increase by any President ever.

    In First 2 Months in Office – Trump Reduces Debt by $100 Billion – Obama Increased Debt by $400 Billion – Half a Trillion Dollar Difference!

    Obama took office when there was a fucking meltdown you pathetic moron, the worst crisis since the great depression an economic pandemic and he left Trump with a moderately healthy recovering patient.

    Read More
    • LOL: Truth
    • Replies: @annamaria
    Hold your horses...
    "Don’t buy the lie that Obama’s leaving behind a healthy economy," by Seth Lipsky: http://nypost.com/2016/12/07/dont-buy-the-lie-that-obamas-leaving-behind-a-healthy-economy/
    " If the economy is so all-fired ducky, how come Americans just tossed out the party that’s claiming credit for it? ...the Obama economy failed to prosper even though the Federal Reserve had its pedal to the metal. Its quantitative easing, $2 trillion balance-sheet expansion and zero-interest-rate policy all produced zilch. Except for pumping up Wall Street ... The recent declines in the unemployment rate are due less to the uptick in employed persons than to an increasing number of persons leaving the labor force. ... the job participation rate is the lowest in decades, as millions are too discouraged to seek a job. And the recent record Dow Jones average? It’s pumped up by the Federal Reserve."
    , @annamaria
    Federal Reserve:
    "A recent US Trust Corporate Director and Honorary Trustee was Walter Rothschild. Other directors included Daniel Davison of JP Morgan Chase, Richard Tucker of Exxon Mobil, Daniel Roberts of Citigroup and Marshall Schwartz of Morgan Stanley.
    J. W. McCallister, an oil industry insider with House of Saud connections, wrote in The Grim Reaper that information he acquired from Saudi bankers cited 80% ownership of the New York Federal Reserve Bank - by far the most powerful Fed branch - by just eight families, four of which reside in the US. They are the Goldman Sachs, Rockefellers, Lehmans and Kuhn Loebs of New York; the Rothschilds of Paris and London; the Warburgs of Hamburg; the Lazards of Paris; and the Israel Moses Seifs of Rome.
    CPA Thomas D. Schauf corroborates McCallister’s claims, adding that ten banks control all twelve Federal Reserve Bank branches. He names N.M. Rothschild of London, Rothschild Bank of Berlin, Warburg Bank of Hamburg, Warburg Bank of Amsterdam, Lehman Brothers of New York, Lazard Brothers of Paris, Kuhn Loeb Bank of New York, Israel Moses Seif Bank of Italy, Goldman Sachs of New York and JP Morgan Chase Bank of New York. Schauf lists William Rockefeller, Paul Warburg, Jacob Schiff and James Stillman as individuals who own large shares of the Fed.
    The Schiffs are insiders at Kuhn Loeb. The Stillmans are Citigroup insiders, who married into the Rockefeller clan at the turn of the century."

    "Some people think that the Federal Reserve Banks are United States Government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders.” – The Honorable Louis McFadden, Chairman of the House Banking and Currency Committee in the 1930s
  46. “(DNC) strategy of identity politics encourages any identity except that of wage earners.”

    Now by “wage earners” do you mean “white people”? Because that’s literally the only way this statement makes sense within the bounds of time, space and causality as they currently exist.

    Read More
  47. @joef
    There are several reasons why Trump won despite all the MSM, academic, political opposition from both parties, and Trump’s own frequent gaffes. I frequently hear libs and lefties lament on how could have this happened. What they are failing to ask is why did this happen?

    Generally it was the low employment participation rate that propelled Trump into office. The middle class/working classes were decimated with temp jobs, gig jobs, layoffs, underemployment, or becoming discouraged workers. Trump gained political advantage by showing a concern for this issue.

    Both our statist Democrat, and corporatist Republican political masters refused to do anything, of real meaning, about jobs (which is the economy to a household). In addition there was a growing frustration with anti white rhetoric, rising urban crime, unpayable debt (public and private), constant increase in property taxes foreclosures by local government’s that behave like money junkies, and gun control which is a 4th amendment issue (with government threatening to confiscate personal property [guns], without due process, for criminal actions that the citizen gun owners themselves did not commit).

    Populist have lost faith in the system because it has been demonstrated by the corporatist that they are willing to layoff the workforce willy nilly in order to pursue profits, while the statist want to tax every cent of earnings to provide entitlement benefits to non workers. And the free traders pontificate that everyone benefits from globalism by comparative advantage, despite the fact that our trade deficit, and low employment participation rate, show a very different story.

    The results of all this is now our social & political structure has triangulated into competing groups: the corporatist & the statist political masters (with a very large subset of beneficiaries of statist entitlements) vs the Populist (the unemployed productive class). The elites can ignore the populist, but eventually the unemployment problem, leftist inspired racial balkanization (blaming whitey for everything), and unserviceable debt levels, will destabilize our society & economy.

    “Populist have lost faith in the system…”
    And how they haven’t when the supposedly “populist” Democratic party has joined forces with neocons and the CIA…
    “Democrats are so eager to take down President Trump that they are joining forces with the Surveillance State to trample the privacy rights of people close to Trump:” https://consortiumnews.com/2017/03/24/surveillance-state-goes-after-trump/
    “… because our mainstream media is owned by what?…half a dozen big conglomerates, all connected to the military industrial complex, they continue with the scenario of that old movie… the Russians are coming!…the Russians are coming! And unfortunately the Democrat Party has become the war party, very clearly. They’re the ones that don’t see the dangers in ginning up this very dangerous narrative of going after Russia, as meddling, or whatever. And they should ask for, we all should ask for the full evidence of this. If this is case, then we deserve to know the truth about it. And, so far, we haven’t seen anything. Look at that report. There’s nothing in it.

    Read More
    • Replies: @joef
    I mostly agree. In my humble opinion the contemporary political parties represent the 49% who receive government dole outs (Democrats), and the 1 % (Republicans). Who are the remaining 50%?

    They are the desperate productive class who probably voted for Trump, & became the populist. In the past they may have been Democrats, but after the Democrat party died with JFK, they became Blue Dog Democrats / Reagan Democrats. This is because their party abandoned them for the New Left ideology. But then the Republican party died with Reagan, and after that the party only represented the NeoCon Corporatist, alienating the populist they obtained as voters.

    Both parties tried to use the remaining 50% for their own political ambitions getting them to vote against their own rational self interest. And yes both parties try to distract us from our national problems by taking us to war. The current situation of 50% of the population having a parasitical relationship with the other 50% is not a sustainable situation for a nation in the long term; And if not corrected will end very badly.
  48. @Grahamsno(G64)

    In First 2 Months in Office – Trump Reduces Debt by $100 Billion – Obama Increased Debt by $400 Billion – Half a Trillion Dollar Difference!
     
    Obama took office when there was a fucking meltdown you pathetic moron, the worst crisis since the great depression an economic pandemic and he left Trump with a moderately healthy recovering patient.

    Hold your horses…
    “Don’t buy the lie that Obama’s leaving behind a healthy economy,” by Seth Lipsky: http://nypost.com/2016/12/07/dont-buy-the-lie-that-obamas-leaving-behind-a-healthy-economy/
    ” If the economy is so all-fired ducky, how come Americans just tossed out the party that’s claiming credit for it? …the Obama economy failed to prosper even though the Federal Reserve had its pedal to the metal. Its quantitative easing, $2 trillion balance-sheet expansion and zero-interest-rate policy all produced zilch. Except for pumping up Wall Street … The recent declines in the unemployment rate are due less to the uptick in employed persons than to an increasing number of persons leaving the labor force. … the job participation rate is the lowest in decades, as millions are too discouraged to seek a job. And the recent record Dow Jones average? It’s pumped up by the Federal Reserve.”

    Read More
  49. @Grahamsno(G64)

    In First 2 Months in Office – Trump Reduces Debt by $100 Billion – Obama Increased Debt by $400 Billion – Half a Trillion Dollar Difference!
     
    Obama took office when there was a fucking meltdown you pathetic moron, the worst crisis since the great depression an economic pandemic and he left Trump with a moderately healthy recovering patient.

    Federal Reserve:
    “A recent US Trust Corporate Director and Honorary Trustee was Walter Rothschild. Other directors included Daniel Davison of JP Morgan Chase, Richard Tucker of Exxon Mobil, Daniel Roberts of Citigroup and Marshall Schwartz of Morgan Stanley.
    J. W. McCallister, an oil industry insider with House of Saud connections, wrote in The Grim Reaper that information he acquired from Saudi bankers cited 80% ownership of the New York Federal Reserve Bank – by far the most powerful Fed branch – by just eight families, four of which reside in the US. They are the Goldman Sachs, Rockefellers, Lehmans and Kuhn Loebs of New York; the Rothschilds of Paris and London; the Warburgs of Hamburg; the Lazards of Paris; and the Israel Moses Seifs of Rome.
    CPA Thomas D. Schauf corroborates McCallister’s claims, adding that ten banks control all twelve Federal Reserve Bank branches. He names N.M. Rothschild of London, Rothschild Bank of Berlin, Warburg Bank of Hamburg, Warburg Bank of Amsterdam, Lehman Brothers of New York, Lazard Brothers of Paris, Kuhn Loeb Bank of New York, Israel Moses Seif Bank of Italy, Goldman Sachs of New York and JP Morgan Chase Bank of New York. Schauf lists William Rockefeller, Paul Warburg, Jacob Schiff and James Stillman as individuals who own large shares of the Fed.
    The Schiffs are insiders at Kuhn Loeb. The Stillmans are Citigroup insiders, who married into the Rockefeller clan at the turn of the century.”

    “Some people think that the Federal Reserve Banks are United States Government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders.” – The Honorable Louis McFadden, Chairman of the House Banking and Currency Committee in the 1930s

    Read More
  50. @MEFOBILLS
    Debt instruments grow with mathematical certainty, creating debt overhead.

    During a hypothecation event, where a debt instrument and new bank credit is created simultaneously, the debt instrument always asks for more.

    In other words, the credit and the debt are not perfect mirrors of each other. The more time involved, the more the debt instrument demands.

    Other types of debt instruments make demands of the existing money supply. An economy can get to the point, where the debt claims exceed the actual transaction money supply by many times.

    People also use the word "fiat" as an epithet. Over 2000 years of coin history, including gold coins was fiat. As soon as the coin gets its king's stamp, then it is a legal device.

    What most people really want is a fair deal, without somebody taking rents (stealing). Hudson is on the forefront of discerning what is earned and unearned income, and where the rents are in an economy.

    It is neither right nor left politics. It is simply is good monetary science or not.

    Over 2000 years of coin history, including gold coins was fiat. As soon as the coin gets its king’s stamp, then it is a legal device.”

    No. One can print paper money and keep on printing .One cant keep digging and digging gold when there is no gold anymore .

    Military ,international institutions, arrangements with resource producing countries can keep domestic inflation at low or non existent level despite the trillions printed . Paper money ( USA) becomes “gold” by this illegal imposed extortionist and exploitative polices protected by military.
    Inflation is then exported abroad to other countries . America has exactly been doing this since 1973

    Read More
    • Replies: @gwynedd1
    Anything that shifts wealth to the unproductive ruling class is the same thing. This includes gold. Ask king Aegis about when the Ephors got hold of the Athenian spoils.
  51. I think Michael Hudson nailed it.

    The Obama Administration betrayed the American people. Far from being a party of change, people got more of the same old, same old. The DNC is corrupt and in bed with the interests that have destroyed the US. They are being paid to do so and will retire rich.

    They would rather lose with Clinton than win with Sanders because Clinton kept the donor money flowing. That’s who they really serve. Winning with Sanders would mean they would actually have to serve the people.

    We never saw the Wall Street bankers go to jail, nor any corporate executives. They got off rich for their crimes like bandits. It set a very dangerous precedent for the future because they know now that they can get away with it.

    Likewise, we never saw the wars end with Obama. He actually scaled up the drone wars and pointlessly sent the US to Libya. Some transformation.

    Meanwhile the American people are suffering the consequences of class warfare. We never saw anything like what Michael Hudson would have wanted in terms of a serious program for economic recovery, the creation of high quality jobs, and frankly, better hope for the future. Real wages have not gone up in about 45 years, while the American people are suffering.

    The elite basically destroyed the US to get even richer. It’s sad that a person like Mr. Hudson never had the opportunity to carry out his program. Then again, Hudson serves the people and the government serves the rich at the expense of the people.

    Read More
  52. @nsa
    "debt writedowns"? Exactly what do you have in mind? Using fiat printing to stoke a hyper inflation, wiping out creditors and savers? Or maybe instituting a Jubilee and just declare all debts null and void, also wiping out savers and creditors? Call this scheme what it is.....theft....stealing. Nothing too low for you lefties........huh, Hudson?

    nsa there was a write down for the bankers and then to top it off for 8 years they were given a free ride at the FED to borrow at 0% interest so they can fleece the working stiffs of what is left in their pockets. After all these years of Obama / Bernanke / Yellen we have an economy that is enemic at best or on life support at worst. So choose your poison.

    Read More
  53. @Quartermaster

    Instead of accepting even Sanders’ centrist-left stance,
     
    Sanders is no centrist. The man is a hard, far leftist.

    Trostsky was a Fascist.

    I see cause for agreement. He is a centrist far leftist. His is to the right of Trotsky and to the left of LBJ…

    Read More
  54. @KA
    Over 2000 years of coin history, including gold coins was fiat. As soon as the coin gets its king’s stamp, then it is a legal device."


    No. One can print paper money and keep on printing .One cant keep digging and digging gold when there is no gold anymore .

    Military ,international institutions, arrangements with resource producing countries can keep domestic inflation at low or non existent level despite the trillions printed . Paper money ( USA) becomes "gold" by this illegal imposed extortionist and exploitative polices protected by military.
    Inflation is then exported abroad to other countries . America has exactly been doing this since 1973

    Anything that shifts wealth to the unproductive ruling class is the same thing. This includes gold. Ask king Aegis about when the Ephors got hold of the Athenian spoils.

    Read More
    • Replies: @KA
    No its not same thing Both may end up serving same purpose but they do not offer same solution or intrinsics inbuilt similar instability . Fiat money leads to different problems Gold or asset supported money leads to another kind of wealth transfer which the world is familiar with and which the world deals with differently .
  55. @WorkingClass
    America's longest war is the war on some drugs. The Gulag is brimming with it's casualties. And yes. It's time to end it.

    We were making progress on the war on drugs…that is until the Taliban was defeated.

    This world is truly a paradise for cynics. I am thankful everyday that I was born a cynic into a world so ripe for ridicule.

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  56. @annamaria
    "Populist have lost faith in the system..."
    And how they haven't when the supposedly "populist" Democratic party has joined forces with neocons and the CIA...
    "Democrats are so eager to take down President Trump that they are joining forces with the Surveillance State to trample the privacy rights of people close to Trump:" https://consortiumnews.com/2017/03/24/surveillance-state-goes-after-trump/
    "... because our mainstream media is owned by what?…half a dozen big conglomerates, all connected to the military industrial complex, they continue with the scenario of that old movie… the Russians are coming!…the Russians are coming! And unfortunately the Democrat Party has become the war party, very clearly. They’re the ones that don’t see the dangers in ginning up this very dangerous narrative of going after Russia, as meddling, or whatever. And they should ask for, we all should ask for the full evidence of this. If this is case, then we deserve to know the truth about it. And, so far, we haven’t seen anything. Look at that report. There’s nothing in it.

    I mostly agree. In my humble opinion the contemporary political parties represent the 49% who receive government dole outs (Democrats), and the 1 % (Republicans). Who are the remaining 50%?

    They are the desperate productive class who probably voted for Trump, & became the populist. In the past they may have been Democrats, but after the Democrat party died with JFK, they became Blue Dog Democrats / Reagan Democrats. This is because their party abandoned them for the New Left ideology. But then the Republican party died with Reagan, and after that the party only represented the NeoCon Corporatist, alienating the populist they obtained as voters.

    Both parties tried to use the remaining 50% for their own political ambitions getting them to vote against their own rational self interest. And yes both parties try to distract us from our national problems by taking us to war. The current situation of 50% of the population having a parasitical relationship with the other 50% is not a sustainable situation for a nation in the long term; And if not corrected will end very badly.

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    • Replies: @annamaria
    The only quick fix for the US woes is a war. Which is unfortunate for the humanity at large. What is going on "on the top" is not politics; it is a deadly fight for money and power, with financiers and weapon-manufacturers doubling down on winning the fight. The directions that have been taken on the top, which make the current state of the US, could be confidently assigned to brain-damaged individuals. To wreck the country to such an extent required a lot of efforts
  57. @joef
    I mostly agree. In my humble opinion the contemporary political parties represent the 49% who receive government dole outs (Democrats), and the 1 % (Republicans). Who are the remaining 50%?

    They are the desperate productive class who probably voted for Trump, & became the populist. In the past they may have been Democrats, but after the Democrat party died with JFK, they became Blue Dog Democrats / Reagan Democrats. This is because their party abandoned them for the New Left ideology. But then the Republican party died with Reagan, and after that the party only represented the NeoCon Corporatist, alienating the populist they obtained as voters.

    Both parties tried to use the remaining 50% for their own political ambitions getting them to vote against their own rational self interest. And yes both parties try to distract us from our national problems by taking us to war. The current situation of 50% of the population having a parasitical relationship with the other 50% is not a sustainable situation for a nation in the long term; And if not corrected will end very badly.

    The only quick fix for the US woes is a war. Which is unfortunate for the humanity at large. What is going on “on the top” is not politics; it is a deadly fight for money and power, with financiers and weapon-manufacturers doubling down on winning the fight. The directions that have been taken on the top, which make the current state of the US, could be confidently assigned to brain-damaged individuals. To wreck the country to such an extent required a lot of efforts

    Read More
  58. Trump isn’t Obama’s legacy.

    A racially divided, politically correct plagued ultra violent US of A is Obama’s legacy. Eight years of pandering to the worst of the black community while destroying the middle and poor classes of white Americans. Followed by a truly idiotic campaign of calling white people racist for objecting to the destruction of their communities, loss of jobs to illegal and state sanction non immigrant workers combined with increased black, brown and yellow on white hate crimes and Trump merely becomes a very visible symptom.

    I look forward to seeing the liberal socialist left destroy the democratic party now that its turned into the party of anti white preaching that white people are the cause of all misery in history.

    Its like the non whites keeps forgetting what white people do when you push them into a corner and start screeching in their faces.

    Hint, its nine letters long, starts with a H and ends with a T.

    Read More
    • Replies: @joef

    I look forward to seeing the liberal socialist left destroy the democratic party now that its turned into the party of anti white preaching that white people are the cause of all misery in history.
     
    If you are waiting for white people to wake up and demand that libs/leftist/progs stop teaching Blacks to blame whitey for everything, and additionally to no longer tolerate ghetto afro american dysfunctions, violence, and lifelong welfare dependency, sorry to break the news to you: it will not happen.

    Many whites, who never lived in a mixed urban area, have no idea what ghetto afros are like on a personal level. They only know what schools, politicians, and the MSM tell them. Thus all they can do is pontificate from afar about race relations and are more than willing to accept white guilt. They make the perfect victims for afro american aggression. And if you choose not to be a victim, then they label you a racist.

    The only thing that will change this parasitical relationship with the ghetto afro american community is this is unsustainable economically. After a very slow and agonizing decline into third world status, then maybe you will see change (but after a lot of destruction, which is very very unfortunate).

  59. @gwynedd1
    Anything that shifts wealth to the unproductive ruling class is the same thing. This includes gold. Ask king Aegis about when the Ephors got hold of the Athenian spoils.

    No its not same thing Both may end up serving same purpose but they do not offer same solution or intrinsics inbuilt similar instability . Fiat money leads to different problems Gold or asset supported money leads to another kind of wealth transfer which the world is familiar with and which the world deals with differently .

    Read More
  60. Its like the non whites keeps forgetting what white people do when you push them into a corner and start screeching in their faces.

    Hint, its nine letters long, starts with a H and ends with a T.

    I don’t understand, Bro., don’t your people already Have Angst?

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  61. @jacques sheete

    Democrats…Republicans, ain’t a dime’s worth of difference.
    – George Wallace
     
    True.

    However [political parties] may now and then answer popular ends, they are likely in the course of time and things, to become potent engines, by which cunning, ambitious, and unprincipled men will be enabled to subvert the power of the people and to usurp for themselves the reins of government, destroying afterwards the very engines which have lifted them to unjust dominion.

    GEORGE WASHINGTON, Farewell Address, Sep. 17, 1796

     


    “Well, these … men, whether they were Democrats or Republicans, were willing to do anything to help each other. They were all in the same boat, regardless of party, and so they made rules and did things to help each other get elected…”

    --Jeanette Rankin, interview, 1972 (Published 1974) http://texts.cdlib.org/view?docId=kt758005dx

    Rankin, running as a Republican Progressive, was the first woman voted to congress and was the only congressperson to vote against US entry into WW1. She was also the only one to vote against the war against Japan after the attack on Pearl Harbor.
     


    “In 1956, I shall not go to the polls. I have not registered. I believe that democracy has so far disappeared in the United States that no "two evils" exist. There is but one evil party with two names, and it will be elected despite all I can do or say.“

    -W.E.B. Dubois, Why I Won't Vote, The Nation, 20 October 1956

    http://www.hartford-hwp.com/archives/45a/298.html

     

    The vote on a Declaration of War with Imperial Germany in World War I was 373-50 in the House and 82-6 in the Senate. Jeanette Rankin may have been the only Member to vote against a declaration of war against Austria-Hungary since the vote there was 74-0 in the Senate and 365-1 in the House. (Perhaps Austria-Hungary had already declared war on the United States, which would have made the decision easier. Austria-Hungary wasn’t waging unrestricted submarine warfare in the Atlantic.)

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  62. @John Smith.
    Trump isn't Obama's legacy.

    A racially divided, politically correct plagued ultra violent US of A is Obama's legacy. Eight years of pandering to the worst of the black community while destroying the middle and poor classes of white Americans. Followed by a truly idiotic campaign of calling white people racist for objecting to the destruction of their communities, loss of jobs to illegal and state sanction non immigrant workers combined with increased black, brown and yellow on white hate crimes and Trump merely becomes a very visible symptom.

    I look forward to seeing the liberal socialist left destroy the democratic party now that its turned into the party of anti white preaching that white people are the cause of all misery in history.

    Its like the non whites keeps forgetting what white people do when you push them into a corner and start screeching in their faces.

    Hint, its nine letters long, starts with a H and ends with a T.

    I look forward to seeing the liberal socialist left destroy the democratic party now that its turned into the party of anti white preaching that white people are the cause of all misery in history.

    If you are waiting for white people to wake up and demand that libs/leftist/progs stop teaching Blacks to blame whitey for everything, and additionally to no longer tolerate ghetto afro american dysfunctions, violence, and lifelong welfare dependency, sorry to break the news to you: it will not happen.

    Many whites, who never lived in a mixed urban area, have no idea what ghetto afros are like on a personal level. They only know what schools, politicians, and the MSM tell them. Thus all they can do is pontificate from afar about race relations and are more than willing to accept white guilt. They make the perfect victims for afro american aggression. And if you choose not to be a victim, then they label you a racist.

    The only thing that will change this parasitical relationship with the ghetto afro american community is this is unsustainable economically. After a very slow and agonizing decline into third world status, then maybe you will see change (but after a lot of destruction, which is very very unfortunate).

    Read More
  63. @OldAbe
    In terms of Sanders 'changing' the Democratic Party..... the one thing we know for certain is that the people in power at the top of the current Democratic Party will not allow that to happen. We know from the last campaign that the will cheat, collude, lie and do anything possible, whether moral or immoral, whether legal or illegal, to prevent that from happening.

    When Sanders declared as a Democratic candidate, I already knew that the current top Democrats would cheat to win and make sure he was never the nominee. Same is true today about Sanders trying to 'Change' the Democratic Party.

    Whether he realizes it or not, Sanders assigned role is to keep people who are "Left of Reagan" within the Democratic Party. And then, after the rulers cheat to win and make sure the Sandernistas are defeated, then they are supposed to quietly line up and vote for whatever 'donor-class' candidates the Democrats have put into power.

    Its all a farce. The Democratic party is corrupt. The Democrats cheat. There is no chance for any sort of fair contest within the Democratic party because the Democrats will not allow it. Surely that was obvious in the last election. Its been obvious for nearly 30 years now.

    The first step to any real change or useful politics on the left is to defeat and destroy the Democratic party and send them the way of the Whigs.

    Re changing the Dem. Party vs. binning it and starting afresh.

    Only the latter has a chance. No chance of fixing the effed-up, failed party, the Dem Party from within.

    The proof: From leaders of the charter school movement.
    They have decisively shown that trying to turn around a failing school does not work.
    You have to close the school, move the students (including possibly a different student body mix) to a new school with new staff, new teachers, new everything, and start over.

    Same with the Dem Party. It cannot be changed or fixed from within. It has to be eliminated. Sanders blew it in July. Is he up to it now? Does he understand?

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  64. Blaming other is a nice escape route It has been elevated to a level where introspection,second chance,and cannibalizing fight to a finish only to the advantages of the cannibal . Democrats cant say “we misfired whole time and we are responsible for the election loss” because once it is said , the machine that runs the party will be sold for the scrap. Trump can’t blame his party or self for the loos of Health Bill because admission might make him look vulnerable and party look weakened .
    This is the way criminal justice system also works .

    It is interesting but not unfamiliar to American They have been doing this to the foreign leaders , opponents abroad for generations. America has never negotiated ,has always wanted total submission When not achieved it has pursued for total obliteration .

    That chicken is also coming home to roost

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  65. Trump has dashed my hopes? Hey dumbass – he hasn’t even been in office 3 months. You really are a fucking moron, hudson.

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  66. History will recall Obama as chiefly a beige president as by then no race will wish to claim him or his enabling of Trump.

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  67. @woodNfish
    Trump has dashed my hopes? Hey dumbass - he hasn't even been in office 3 months. You really are a fucking moron, hudson.

    You don’t give Trump enough credit.

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