by John Galt
July 28, 2017 05:30 ET
Around 2 a.m. Eastern time this morning, the revenge of the Establishment Republicans was complete with three progressive obstructionists voting to kill any consideration of a conference on the repeal of Obamacare. The three names will become legendary in history not for their vote tonight, but for the symbolism of how politicians are so entrenched in maintaining the attempted control of the U.S. economic system from Washington, D.C.
This has happened before in history so do not let the so-called conservatives on talk radio or blabbering boobs on Fox News deceive my readers. In 1929, the U.S. Senate killed numerous attempts by then President Hoover to introduce common sense banking and financial reforms to avert a disaster which needless to say, allowed the disaster to occur and the blame to fall on the President even though it was their hold on power for years which allowed the corrupt system to form and eventually collapse.
Looking at this morning’s futures I can almost hear my reader’s say “What collapse do you see, there is nothing happening this morning?”
Trust me, it is coming just like winter is coming.
Economies and trading markets are built on confidence. The Republicans now, just like 1929, have demonstrated that their petty differences and political fiefdoms are much more important than the desires of the American people or the promises of a pompous outsider who is President. As the confidence begins to rapidly deteriorate the wealthy who have been moving their money out of U.S. markets will accelerate this process in quiet, even as some indexes and stocks might make new all time highs. Meanwhile the average schmuck will think everything is awesome because that’s what they read on Facebook and reality will be a cold, evil, vile bitch when she delivers this MOAC (Mother of All Crashes).
With this failure by the GOP this morning it is time to harden one’s financial bomb shelters.
There is no reason to expect anything the political elites promised to be accomplished now, the Great Crash of 2017 is an almost iron clad guarantee to occur. Those who wish to repeat history often find new ways to pervert the present and make it even worse.
Congratulation to the Republican Party of 2017; you’re going to make the GOP of 1929 look competent.