The Clown Clan looked Great
Last night’s debate was a circus. As the party of the old white guys slowly moves to the horizon we still need to find a qualified candidate in either party.
Along somewhat the same line yesterday, at one of our links, Epsilon Theory,
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is the best article that I have seen on what we are facing in this country.
Ben Hunt’s opening lines say:
“Today’s note, “Funny How?” looks at the increasing chances of a political “accident” as political polarization continues to deepen both within electorates and within political entities, like parties, Congressional caucuses, the FOMC, the Chinese Politburo, etc. etc. It’s not the Minsky Moment I’m worried about, where some credit bubble internal to markets wreaks havoc as it pops. No, it’s the Sideways Moment that I’m worried about, where a political accident external to markets wreaks structural havoc on the entire market system. I think that this political polarization is almost entirely driven by monetary policy and the power/wealth inequalities it creates. Central bankers are not only planting the seeds of truly systemic instability, they are watering and tending and nurturing this particularly virulent strain of “green shoots” with their entirely intentional and entirely successful efforts to inflate financial asset prices and mandate reduced volatility in capital markets.”