The Financial Press and its Keepers

US officialdom and their media megaphones have systematically concocted narratives having less to do with political reality and more with their hallucinogenic world view. Pre-election and post-election reportage weaves a tapestry of fiction and fantasy.

We will discuss the most pernicious of these remarkable foibles and fables and their predictable failures.

The pundits, prestigious editorialists and ‘economists with gravitas’, have convinced themselves that the election of Donald Trump would ‘lead to the Collapse of Capitalism (COC)’. They cited his campaign attacks of globalization and trade agreements, as well as his ‘reckless’ swipes at speculators. In reality, Trump was criticizing a specific kind of capitalism. The pundits overlooked the variety of capitalisms that constitute the US economy. With their snouts deep in the trough, their own vision was limited; their curly tails blindly twirled meaningless formulae on blackboards; their ample backsides flapping away in place of their mouths. Thus occupied, they easily ignored Trump’s glorification of national capitalism.

Trump followed the legacy of protectionism in US policies established by George Washington and Alexander Hamilton and carried into the administrations of Franklin Roosevelt and others. Capitalism comes in various forms and is promoted by different protagonists at different times in our history. Some leaders have championed such economic sectors…

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