The world of pure abstraction seems to be falling down, at least in the economic realm. No mystery about the cause. Since 2008 all the central banks have been pumping false “value” directly into the stock market, with a final huge blowup “justified” by the fake “virus” holocaust in 2020.
Now the central banks have stopped pumping, and they’re gradually starting to suck out the excess numbers. Stocks and bonds are responding rationally. First the pure obvious fraud IPOs collapsed, and now the semi-frauds like Amazon and Apple are falling. Stocks will eventually return to their proper value based on profit (plus the usual emotional factors).
It’s especially delicious to watch bitcoin shit falling apart.
Interest rates were zero for 14 years, and now they’ve returned to the historical normal of 3% on bonds and 6% on mortgages. The bond interest hasn’t showed up in “savings” accounts yet, but it’s available to ordinary people through Series I savings bonds. (Interest needs to be MUCH higher than the historical normal to create feedback against inflation, but normal is better than zero.)
Pure virtuality hasn’t yet started to evaporate from politics, where it has lasted much longer. The last real federal election was 1952. Ike promised to end Korea, Stevenson promised to continue Truman’s pointless war. Ike won and immediately kept his promise. Value for pay.
Since then all promises have been fake and all presidents have been identical. All political “news” and “campaigns” are meaningless soap operas, solely about personalities and multi-layered verbal complexity with no actual referent at the base of the pile.
The emails I get from candidates this year are even more abstract than before. The emails are about emails. The campaigns are about campaigns. Nobody is even bothering to promise a change of ACTION, nobody is trying to offer value for pay.
An email today summarized it: The title is “These emails aren’t raising much money”.
Okay, fine. What am I supposed to DO about that? You just admitted that your abstract campaign has failed, but you’re still not offering VALUE FOR PAY. You’re not telling me how you SOLVED A PROBLEM in your previous political job.