There is an endless stream of commentators who are so utterly clueless that it’s a struggle keeping up. In fact, I cannot keep up. The best I can do is occasionally highlight the most serious offenders.
Today, I point my finger at Financial Times writer Philip Stephens.
Stephens says Now Angela Merkel Wears the West’s Mantle.
I have no problem with that title. In fact, it’s highly accurate. My objection is his accompanying rant.
Stephens concludes with “Europeans have struggled for some time to uphold their values against authoritarians without and populists within. The danger now comes from across the Atlantic. It falls to Ms Merkel to speak for what during the past seven decades we have known as the west.”
I pinged him with this email…
Populists have risen up because jackasses try to force values down everyone’s throats. Good Lord, how can you not see it? Look at Merkel and her idiotic welcome of refugees when much of Europe, especially the youth cannot find a job.
Now Sarkozy wants a “Marshall plan for Africa”. Where the hell is a Marshall plan for Greece?
Ticks and Fleas
It takes all 27 EU nations to agree that it’s a good idea to take a tick off a dog. Then it takes five years to agree how to do it. When the time comes to remove the tick, the dog is dead.
Ironically, Stephens writes mindless rants in praise of the person most responsible for the rise of populism in Europe: Angela Merkel.
Here’s a hint Mr. Stephens: Merkel is part of the problem, not the solution.
Trump and Brexit are a result of central planning foolishness and failures. Unfortunately the problem is not fixable. The EU and the Eurozone are structurally and fatally flawed.
It’s sad really, at least about the EU. If the EU just stuck with genuine free trade, even free movement within the EU, things would be OK.
Instead, the EU let France have its way with inane agricultural tariffs, over-regulated nearly everything, then required every nation to agree to every damn thing. To top things off, Merkel welcomed economic refugees when Greece is a basket case and youth unemployment nears 50% in multiple countries.
Agreement to major changes is impossible, yet the flaws are obvious.
Jean-Claude Juncker wants an army but other nations don’t, Germany does not want a transfer union but Greece and Spain do want transfer unions, Juncker wants a single corporate tax structure that Hungary and Ireland want no part of, etc. etc. A single nation can block tariffs on Russia. The list is endless.
Time to Start Over
The EU is a Toothless Tiger, Totally Dysfunctional Until it Disintegrates Into Oblivion.
It’s time to start over with a realistic vision of what the EU is all about. Merkel is nothing but a roadblock.
Mike “Mish” Shedlock
The Central Banky Horror Picture Show
Damn it Janet, I love you!
There’s one thing left to do, ah-hoo
And that’s go see the man who began it
Janet
When we met in his monetary science exam-it
Janet
The future is ours, so let’s plan it
Janet
So please don’t tell me to can it
Janet
Here’s the ring to prove I love Janet.
There’s three ways that Trump love can grow.
Yes its time to fire up those helicopters,
I’m yellin its time to sell USD bonds, its time to go ah-ho.
So let’s crash and burn so there’s no place left to go oh-oh.
To be continued…
When FEDdy cut his Teddy you know he was a no goot kid.
For entertainment you really should look at Brazil. A place where the political class is so above the law, that they actually have laws that protect them from the laws. Suddenly they are getting arrested one after another. 2 ex governors of Rio arrested in 24 hours and here is a priceless video of how one went to jail last night. (after trying to pretend he had heart problems). This is groundbreaking stuff for South America. (And both Brazil and Argentina want in on TPP – get away from the communist Mercosul bloc)
“Kultur macht stark”
Culture makes (one) strong. New age, new headlines.
https://jungefreiheit.de/politik/deutschland/2016/bund-sagt-populismus-auf-dem-land-den-kampf-an/
They say in the link that countryside has much opposition and populists and therefore there must be “right policies” to change the opinions and that there exists ‘great potential’ for integration.
When those countryside folks get these social shoppers to their villages and neighborhood, they will immediately see what kind of riches have arrived…or perhaps not?
I moved to a small town near bigger cities 16 years ago and I still have not fully integrated. One local said that one should be born here or live around 30 years before one can be considered ‘locally integrated’. I don’t mind since I travel to bigger cities for work and have social contacts elsewhere and while at home, do my other hobbies. From people that I know moved to Germany, the message is not very welcoming. Most consider Germans deeply difficult group to interact with – and corruption inside small circles to add on top of it (I’m not trying to claim anything, just quoting people that live there).
Forward Merkeljugend.
Heh. They remind me of the old communists, mourning the demise of the Soviet Union. After she’s gone, we’ll be forced to listen to their pining for ‘the good old days’.
So very true – just read this – “It’s time to start over with a realistic vision of what the EU is all about.”
The FT is the mouthpiece of the European Status Quo. The media needs a major change too.
As they go on line I wonder if there is corruption in the ad metrics so the advertisers think more read the crap than actually do so they are supported by ads where they should really be dying in print & on-line.
What is most bothersome if the amount of exposure their views achieve when they are not representative. Whoever controls the media used to sway opinions. The web is slowing changing that and then places will need to be governed differently.
Away with the bull-shit.
“Whoever controls the media used to sway opinions. The web is slowing changing that and then places will need to be governed differently.”
http://www.zerohedge.com/news/2016-11-17/europe-lets-end-free-speech
“According to New Europe, in Leeuwarden, “about twenty opponents of the plans [to establish asylum centers] in the region received police visits at home.” In other words, the Netherlands are engaging in state censorship, thereby raising the question: Is the Netherlands now a police state?”
The first time someone ignores the ballot box, or is caught manipulating results, there could be revolution. The temptation to do both is only going to increase in an elite that is unwilling to change/bend/flex. Brexit and Trump are safety valves. Block the valve and an explosion will ensue.
The Elite will be tempted to also manipulate the media and brainwash – PRE-SUASION (a book by that name) – before going to ballots. The web can help fight this but it needs the media to be called out for what it is. An arm of the status quo.
BBC, NYT, FT etc etc.
Good article at
http://www.zerohedge.com/news/2016-11-17/europe-lets-end-free-speech
Particularly look at the threat against family by state, that parents can be deemed negligent if they comment in the presence of children. I know the approach of these people and what kind of leverage they search for.
Sick and bastard states we live in, spoken out of personal experience.
They are, by any other definition, declaring war, and on their own people.
And I know bastard, one relative was bastard, for whatever reason, but a good bastard at that. Synthetic authority and what is behind it is vile though.
Crysangle, the next step is banning any anti-EU comments as they will be seen as undermining the status quo. The basis will be that a collapse or undermining of the EU is undermining western security so those encouraging it are subversives.
Likely in some way, and I really don’t care if that becomes the case because by then society will have figured out the score. Currently the bans in place, which have increased, are at national levels, and in some cases very severe. Here they are aimed at protecting the national political base from social blowback to its corruptions and mismanagement, most of those bases are a subcult loyal or subservient to EU ( and its finance) and magnified in their failings by the higher stakes and lack of maneuver at policy level that the sale of their own currency and monetary flexibility has entailed. When they cannot offload responsibility on EU nor have a place to hide there, this is their reaction.It is like having authorities turned on their population under the guise of a nationalistic stance or national control, but this occurs only because those authorities are beholden to EU.
There is absolute irony in that, because those governments do not dare criticize the source of the upheaval, EU, as they would lose their position in it, but that is what needs to be declared for people to readjust, place blame in its right place ( that includes taking own responsibility), and so reform along more moderate lines, based on more moderate and local, expectations.
I don’t know how long they can keep the dream going, but as unwanted intervention increases, it becomes less and less pleasant, and with no fresh objectives available but to consolidate a circumstance which is already unacceptable to many.
“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” Upton Sinclair
Yes, it is mainly this reason. But also, these media types are so arrogant that they believe their opinion is so valuable it is a public service.
Worse than that, they believe to compete they have to *make* the news. Which means they write fiction.
The media has lost all credibility. To get it back they need to stop commenting, stop being part of the news — and just report straight facts.
Your email Mish is absolutely spot on!! Keep up the good work.
You have seen behind the curtain of how government manipulates media.
1) Reporter is honest and tells story in ordinary human terms that most people can relate to
2) Govt gets upset because the story does not slant the news in the proper (aka ‘their’) way
3) Organization reporter works for, specifically one manager at the top with control, is contacted and schmoozed, lunched, reminded they come from the same ‘club’, or whatever it takes to connect. Top manager is told that it is for the good of the country if they play ball.
Great things are going to happen if they keep a lid on outliers like that reporter.
4) Reporter is told to tone it down and/or is replaced with someone from the press pool. The message gets out to play ball or your job is in jeopardy.
5) Over time, it becomes ‘just known’ that you say certain things, never say certain things, under the fear of having your access threatened, which is job threatening.
6) Govt has a willing propaganda pool of willing reporters who, through a form of natural selection, are true believers in the government line.
Based on the above logic, which I think fairly describes how to capture any organization, your email probably made you feel good but was looked at by the reporter like he would look at a dead mouse on the floor. You weren’t making remarks that reflected positively on the government position so, to him you were a fringer writing incomprehensible ideas that defied obvious logic.
Points for effort though.
UK told it will be paying into the EU until 2030+ and atmosphere becoming frostier.
Merkel emboldened by Obama me thinks.
French lobbying against UK too.
http://www.theweek.co.uk/brexit/65461/uk-will-pay-into-eu-for-a-decade-after-brexit
There will be a push to get investment into Eastern Europe and out of UK going forward.
Including the likes of Jaguar.
Expect it to get tougher and tougher into possible elections across EU to try to frighten people from voting for candidates looking to leave the EU. Done via upping the anti-UK, anti-Brexit statements.
Do u see gold and silver as viable Security positions to have as part of a portfolio in today’s environment . If so, is 10% to low Sent from my iPhone
>
What’s changed?
Is the Fed in control?
What the EU is really about:
Italy: Luigi Fogli tries to protect his hotel confiscated to host asylum seekers.
Brutal.
And just in time for the upcoming referendum.
(((Bret Stephens))) never saw a political thug that he didn’t like…..but Merkel is the worst…
“Instead, the EU let France have its way with inane agricultural tariffs, over-regulated nearly everything…”
Obama is trying to give the EU an over regulated run for it’s money, with 81,000 new regulations, including a new one day record.
Mantle?
Try suicide vest.
We’re living through the greatest mass self obliviation in the history of history.
They won’t be happy until they have done down the British though if we don’t do it to ourselves first. Schauble is a right piece of work.
https://www.mises.ca/perilous-government-finances/
Hi Mish
Follow your post with great interest, This article provides a good perspective on the task ahead for the new president, perhaps Mise’s books should be required reading
Cheers,
John
________________________________
DXY > 101
http://www.marketwatch.com/investing/index/dxy
10 yr yield up > 50 bps since election … and surging today (again)
http://www.marketwatch.com/investing/bond/tmubmusd10y?countrycode=bx
…
the only thing to do is hunker down and wait for something(s) to blow up.
Good plan. I’m in. I’m hunkered in and waiting for rates to blow the roof off.
Enjoy it while it lasts.
The long end rates will hit all time lows before it is over.
EURUSD poised to take out multi year low.
Maybe I need to start looking at travel brochures …
If you open your window, you can hear the screams of millions of homesellers …
disagree a bit. People buy when they feel optimistic. Growth based on rising income caused by rising interest income that flows throughout the economy will be a big positive. The end of pushing on a string and the start of a new conundrum for economists who currently favor group-think.
Well, we’ll find out soon enough whose right.
But most people buy a “payment”. When they apply for a mortgage the loan office tells them how much a monthly mortgage (PITI) they can afford. Most will hit that number (get the most house you can afford, as it (almost) always goes up in value).
A few days ago – I ran the PITI for a $300K home the day before the election … the same payment then would only buy a $289K home (even lower today).
Prices of houses will have to come DOWN … and millions of existing homeowners will become underwater and / or unable to (cash out) refinance.
Cheers!
Older folk, probably already mortgage free, benefit from the higher rates but don’t have the urge to splurge unless forced to do so. Income as a security blanket.
Hence the higher rates suppress consumer activity, housing.
Multiplier effect on housing is high so where housing goes so goes the economy.
Higher rates might encourage an increase in the rate of those deciding to retire and free up some labour space?
Mainstream media will love this. Pay per view on YouTube too?
“Merkel With Obama: Internet ‘Disruptive’ Force that Has to Be ‘Contained, Managed, and Steered’ by Government.”
Mish, do you really think these people are clueless? They have been actively destroying Europe and the West for years, but they somehow don’t know what is going on? I don’t think so. They know very well what they are doing.
Philip Stephens is a professional propagandist. He is not clueless. He is doing what he is being paid for.
Saying that these people are clueless is equivalent to saying “forgive them, for they don’t know what they are doing”.
They know exactly and resistance is in the alternative media. Hence, they will suppress it. EU wants an EU wide digital market place and that will include filtering whatever comes in as alternative news. They will control everything. Just a matter of time.
The age old trade tariffs will be replaced with “data” tariffs where data they don’t want just won’t be allowed to be available in the market.
Once they have blocked externals (they are blaming the US as the source) they will then address the internal sources. Knock-knock on the door, warnings followed by action to block freedom of thought and speech.
Remember – much of the EU has lived under totalitarianism. It won’t be a big imposition to quite a high % of the population.
The thought police will reign supreme.
Actually, the people who have lived under totalitarianism seem to be the most sensitive towards EU bullshit. Just look at the V4 countries.