Political and Economic Crises (Pt 10)

On the evening of July 28 (2019) in Gilroy, California, a 19-year-old white gunman, Santino William Legan, fired into a crowd of people attending the annual Garlic Festival. Legan was the racist grandson of a former county supervisor. He succeeded in killing three people, two of them children, before he himself went down in a hail of police gunfire — or, in another version, shot himself in the mouth after being wounded by police gunfire.

The following Saturday in El Paso, Texas, another young white male racist, 21-year-old Patrick Crusius, fired into a crowd at a local Walmart. Crusius killed 22 people and wounded dozens more before he was captured by police. Only a few hours later, a 29-year-old white gunman, Connor Betts, opened fire outside a bar in Dayton, Ohio. Before he was killed by police gunfire, Betts killed nine people, mostly African-American but also his own sister. In high school, Betts had expressed vicious misogynistic views.

Of the three white gunmen, the most “articulate” — and the only one to survive — is Patrick Crusius. He is the author of a racist manifesto that, echoing Donald Trump and other right-wing politicians, blamed white unemployment on — in addition to automation and corporations — the “Hispanic invasion” of Texas.

In his manifesto, Crusius hailed the March 15 massacre earlier this year by white racist gunmen of 51 Muslims at two mosques in Christchurch, New Zealand.

Read more …


One thought on “Political and Economic Crises (Pt 10)

  1. What are we supposed to make of the negative-yielding long-term German bonds? Why wouldn’t investors want to hoard gold instead?

    Also, wouldn’t we expect to see high interest rates if we were in the critical period of the industrial cycle? It seems like, with the sharp decline in interest rates recently, the crisis has already broken and the credit market has already relaxed. Wouldn’t we expect to see the world economy cyclically improve from this point on? (Not to say that we won’t continue to see a secular, terminal decline in the vigor of world capitalism…but shouldn’t we see a bit of a relative uptick with even long-term interest rates being so low?)

    This situation now doesn’t remind me of the 1970s because there the Central Banks were desperately trying to hold short term rates down even while they were powerless to keep long-term rates from rising due to the expectations of currencies depreciating versus gold and long-term investors wanting to make up for the depreciation of the currencies they would be paid back in. But lately the long-term rates have fallen even more than short-term ones. Investors who are content to sit on negative-yielding German bonds are apparently even less concerned about major currencies depreciating versus gold than the ECB or Federal Reserve are.

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