Wednesday, August 27, 2025
Speaking of The Worker, what's old and stupid is new again at The Department of Labor
Tuesday, April 8, 2025
Ambrose Evans-Pritchard: Trump will stop at nothing in his quest for imperial power and will destroy the credibility of US Treasury debt
If you think it’s alarming now, just wait for Trump to wreck the bond market
The White House’s push for for expanded presidential power threatens US economic stability
Donald Trump is systematically purging every US government institution, a pattern familiar to anybody who has studied the caudillo regimes of Latin America, or the playbook of today’s Putin-Orbán-Erdoğan prototypes.
It is a racing certainty that he will soon do the same to the Federal Reserve, forcing the central bank to cut interest rates into the teeth of rising inflation, with epic consequences for the world’s dollarised financial system and for €39 trillion (£33 trillion) of offshore dollar debt contracts and swaps.
Late last week he fired the head of the National Security Agency and its top officials at the behest of Laura Loomer, a fringe conspiracy theorist, who whispered into Trump’s ear that they were disloyal to the Maga movement.
He has already fired the heads of the FBI’s intelligence division, its counterterrorism division and criminal investigations division, as well as the heads of the Washington and New York offices.
He has fired the top brass of the US military, starting with a preemptive strike on the chairman of the joint chiefs of staff. An earlier chairman – General Mark Milley – refused to ratify Trump’s attempted coup d’etat on Jan 6 2021.
“We don’t take an oath to a king, or to a tyrant or dictator, and we don’t take an oath to a wannabe dictator. We take an oath to the constitution,” said Milley in his parting shot.
But Trump also fired the three judge advocates general, who are legally independent by Congressional statute and have the authority to decide which military orders should be disobeyed – such as Trump’s order to “just shoot” American protesters, on American soil, during the Black Lives Matter saga.
That obstacle will not recur. Pete Hegseth, the defence secretary, said the three judges had been sacked to stop them posing any “roadblocks to orders given by the commander-in-chief”.
You can go through the list, agency by agency, extending to the universities and private law firms, and even to the muzzled editorials of some of America’s once great newspapers: the purge is Bolshevik in ambition.
Does anybody in their right mind think that Trump will spare the Fed’s Jerome Powell as the two men gear up for an almighty clash over US monetary policy? “CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!” bellowed Trump in capital letters on Truth Social on Friday.
The Fed will indeed cut rates this year but not until it is able to see through the confusing blizzard of tariffs and the ricochet retaliation of an angry world.
Powell told Congress that the tariff shock is much bigger than expected and may set off “persistent” inflation rather than just a one-off jump in the price level. He came close to damning Trumponomics as a recipe for low-growth stagflation. That is a red flag to a bull.
The current debate over whether or not Trump has the legal power to fire Powell entirely misunderstands the character of the Maga revolution. America’s rule of law is for guidance only these days.
You could say it was ever thus. Franklin Roosevelt tried to pack the Supreme Court after it blocked the New Deal. He failed, and unleashed tax investigations to settle scores, as did Richard Nixon. But Trump is an order of magnitude more outrageous.
Powell will not go without a fight. “I will never, ever, ever leave this job voluntarily until my term ends under any circumstances,” he said during Trump 1.0.
Scott Bessent, the Treasury secretary, said the administration could sideline Powell by appointing a “shadow” Fed chairman, who could steer the markets by issuing forward guidance. But this does not overcome resistance from the Fed board and the hawkish regional presidents.
A secretive team of Trump loyalists drew up a 10-page report before the election proposing more radical measures. These include forcing the Fed to “align policy with administration goals” or even to make the president an “acting” member of the Fed board.
Trump could purge members of the seven-strong Fed board one by one until they get the message. The law states that the president can terminate the 14-year term of a Fed governor “for cause”, usually meaning malfeasance or neglect.
But Trump has just abused his tariff powers on an heroic scale by invoking fictitious “emergencies”. He could no doubt stretch the meaning of “for cause” to anything he wants. The Supreme Court has the last say, but Trump-appointed justices have already shown a strong leaning towards an imperial presidency.
In any case, there are other methods to bring the Fed to heel.
Maga vigilantes are intimidating American judges by having pizzas delivered to their homes – a mob tactic to say “we know where you live”. So we can assume that recalcitrant members of the Federal Open Market Committee will face this sort of treatment.
The major US banks are raising their inflation forecasts to 4pc or higher this year. This inflation will hit before the last three price shocks – Covid, the Putin commodity spike and Biden’s overspending – have faded from immediate memory. It is exactly how inflation psychology becomes embedded.
A variant happened in the 1970s. Nixon bullied the Fed into expansionary policies, with some choice language on “the myth of the autonomous Fed” that later surfaced in the Oval Office tapes.
Loose money stoked inflation, so Nixon ordered a freeze on prices and wages in 1971, declaring war on “gougers”. It was very popular. Illiterate policies often are.
If Trump succeeds in extracting rate cuts from the Fed and tax cuts from Congress, the same problem is going to arise. So my assumption is that he will blame the symptoms and will resort to price controls.
The elephantine difference is that US federal debt was 34pc of GDP in 1971. Today it is 122pc on the Fed measure, and galloping upwards. The fiscal deficit is over 6pc as far as the eye can see.
The US does not have the domestic savings to fund this debt appetite. The savings rate has collapsed to 0.6pc of national income. It was 12pc in the 1960s.
Foreign investors have been plugging the gap. This soaks up a large part of the world’s savings – the underlying cause of America’s trade deficit.
If you think the stock market gyrations of the last few days are terrifying, just wait until Trump destroys the credibility of the Fed and of US treasury debt, the anchor of the global system.
He could order a captive Fed to relaunch quantitative easing and buy the bonds, but to do that when inflation is running hot would be seen by the whole world as naked fiscal dominance. It would set off a price spiral and a collapse of the currency – the sort of outcome seen over the decades in Latin America, or Erdoğan’s Turkey.
The end destination is a return to US capital controls to stop foreign funds and US investors from taking their money out of America. A man willing to impose 116pc tariffs – including pre-existing ones – on Chinese goods and shut down the biggest bilateral trade relationship in the world as if it were a TV reality show will stop at nothing.
https://www.telegraph.co.uk/business/2025/04/08/trump-sell-off-is-bad-wait-until-wreck-us-bond-market/
Saturday, February 22, 2025
The Putin-Trump Piece Plan demonstrates that neither Russia nor America has any respect whatsover for Ukraine's property
Left is, finally and above all, lack of respect for property.
-- Oswald Spengler, The Hour of Decision, 1934
Tuesday, December 24, 2024
To Mark Tooley a Protestant America means, among other things, the routinized revolution of periodic elections criticized by Oswald Spengler as a mark of the blindness and cowardice of Liberalism
Our democracy is a constant state of revolution, overthrowing incumbents in favor of successors who also will soon face revolution.
Here.
Revolution, in the form of periodic mass elections fought by all available means of money, brains, and even - after the Gracchan method - physical violence, is exalted into a constitutional process.
-- Oswald Spengler, The Hour of Decision, 1934
The real conservative cannot stand it that eternal truths, laws, and morals are subjected to a referendum every few years. A country which does this is perverse. And no real Lutheran would abide it, let alone a true Roman Catholic.
Saturday, October 12, 2024
Monday, September 2, 2024
Sunday, June 16, 2024
Platitudinous Glenn Loury thinks like a Marxist in his old age: Workers of all races have a common bond, he says
This kind of politics is universal.
The lapdogs lick it up here.
Glenn Loury last worked in a factory, when, in 1972? More than 12% of the civilian population had a manufacturing job back then. Today fewer than 5% have one. But in neither case was there anything universal about being working class.
What have miners, sailors, tailors' apprentices, metalworkers, waiters, bank officials, ploughmen, and scavengers in common with one another?
-- Oswald Spengler
Wednesday, July 7, 2021
It is now common to blame the invention of the cotton gin, a labor-saving device, for the increase in the US slave population
Can anything good come out of Oregon?
This garbage from a Professor of Women, Gender, and Sexuality Studies, Oregon State University, is anti-white anti-capitalism rearing its ugly head, not "historical scholarship". It's what Oswald Spengler warned us about in 1934.
Saturday, June 19, 2021
Friday, June 11, 2021
Conflict is the original fact of life and is life itself
They shout: "No more war" -- but they desire class war. They are indignant when a murderer is executed for a crime of passion, but they feel a secret pleasure in hearing of the murder of a political opponent. What objection have they ever raised to the Bolshevist slaughters? There is no getting away from it: conflict is the original fact of life, is life itself, and not the most pitiful pacifist is able entirely to uproot the pleasure it gives his inmost soul. Theoretically, at least, he would like to fight and destroy all opponents of pacifism.
-- Oswald Spengler, The Hour of Decision (London: George Allen and Unwin Ltd., 1934), p. 40f.
Monday, June 7, 2021
The default position of liberalism is to blame obstruction by reactionaries for republican failure, not the revolutionary impulses of the autocrat
"The republicans made me seize power".
You know whose side they are on when people talk like this. Spengler long ago observed how liberalism is all about tyranny, but does anyone still read him?
"The dictatorship of the bourgeoisie is all that Liberalism sets out to be."
The voices opposed to the US Senate filibuster, are, to put it bluntly, not related to our founding.
Caesar would soon seize autocratic power, and Cato would commit suicide rather than live under Caesar’s rule. Goodman and Soni argue Cato’s obstructionism — however high-minded — was a contributing factor to the Roman Republic’s collapse. America’s Founding Fathers, however, idolized Cato. George Washington’s soldiers staged a play about Cato at Valley Forge. Patrick Henry’s famous quote, “Give me liberty of give me death,” is derived from a line in that play.
Wednesday, October 7, 2020
Thursday, August 20, 2020
Looting is reparations
Saturday, June 27, 2020
Wednesday, June 24, 2020
If it isn't obvious by now that you're an idiot, Johnny Reb tried to tell you
"with the realist political outlook, hopes through its followers to destroy society, either from envy or revenge, because of the low place assigned in it to their personality and talents, or, alternatively, to carry away the masses by some program or other for the satisfaction of his own will-to-power".
No good deed is going unpunished, but fools like Ann Coulter will still argue that blacks deserve and should be paid reparations: Those who have done no wrong should pay those who have suffered no harm, we are told.
140,414 dead Yankees are just chopped liver to these ingrates and fools.
They now think they have the upper hand and are out to replace you. "Diversity is our strength" means "their" strength, not yours. Diversity means your weakness, and the unchecked riots and looting are proof of it.
Christians 244 years ago took up arms against "tyrants" like these and called it "obedience to God".
I can't imagine finding one such person among us today. And you certainly won't find one among the paid mercenaries, the cops. They're just trying to make it to full retirement like everybody else.
Instead, most Christians have become Spengler's "credulous" type of communist, who:
"obsessed by doctrine or feminine sentimentality, remote from and hostile to the world, condemns the wealth of the wicked who prosper and also, at times, the poverty of the good who do not prosper. This lands him either in vague Utopias or throws him back upon asceticism, the monastic life, Bohemia, or vagabondism, which proclaims the futility of all economic effort".
On obsession with doctrine think First Things Magazine, think Sojourners, Christianity Today, and the Patheos crowd for the feminine sentimentalists and wealth condemners, think the Prosperity Gospel movement and the charismatic Dominionists for the critics of the Christianity which is content with little, think Rod Dreher's Benedict Option or the survivalists for the separatists, and also the libertarians who "go Galt", accountable to no one but themselves. Representative all.


















