With today’s video we go all in on discussing the US stock market. There’s this idea that stock markets are somehow rational, or serious. People who talk about it are always wearing suits, and we put a lot of effort into making all the details of interest rates, portfolio management, and valuations seem boring. The stock market is none of these things. In fact it’s nuts. By going through the history of the “Trump Bump”, I attempt to draw the curtain back a bit.
Unfortunately, watching the video, I think I screwed something up. It’s not that the story I put forward is wrong, it’s just that I left too much out. The video falls into the “Presidents impact everything” school of commentary. I hate that school. The differing views market makers took of Trump and Obama are tremendously important to this particular economic story, but that doesn’t mean that presidents are actually all that powerful. I really don’t want to create that impression, and I apologize if I did so with this video.
I feel like markets and economics have been an underpinning of what I’ve been talking about for quite some time now. It’s been a troubling thing for me. There’s always a lot of certainty when these issues come up in political discussions, but usually almost nothing backing up that certainty. The conditions we’re looking at are always changing, and the theories that people gravitate to are some of the least proven imaginable. Economics has pretensions to being a science. But the variables are immense, and there’s really only one result.
We have one world economy, and its performance at any given time is the only thing that we have to point to, to see whether our theories are working. There is no control group. Most of the figures we rely on to measure what’s going on are little better than rough estimates, and the political consensus rarely lasts a decade. I have high hopes for the profession of economics. People are doing amazing work in the field, and the move onto the internet that our species is currently undergoing provides the possibility of real measurement (and Orwellian nightmares). I’m confident that the future is bright, but I think we all need a lot more humility in talking about the economy. Which is why I made today’s video, and why I’ll be adding to the series in the coming weeks…
This video does a good job of laying out how ridiculous the “Democracy is Dying!!!” story is. But what it doesn’t do is lay out why the story gets so much play. The sad fact is that it’s useful to powerful people in the United States. Once again, it all comes back to the US military industrial complex. The wise men of the Pentagon have realized that “Terrorism” is losing its power as a motivating factor. Despite the best efforts of Trump & Co. it’s obvious that general white loser angst has had a much higher body count in the US over the past decade than “Radical Islamic Terrorism”. So we need something else to be scared of to justify our absurd military budgets. That’s why this narrative gets so much play.
The idea is that if “Democracy is Dying”, the world really is “more dangerous than it ever has been” as the Pentagon keeps telling us. I may do a video on this in the coming weeks… I’d be interested to know how much relevance this story has beyond the national security nerd twitter bubbles I frequent. In those circles this “Democracy is Dying” story has become the conventional wisdom. Is that the sense you get where you are at as well? Let me know in the comments.
In recent months I’ve realized that there’s a gaping hole in my “Yemen’s Disaster” series. The series does a good job laying out the many different divisions within Yemen, and between the sponsors of differing sides in Yemen’s civil war. But it leaves out the very important role of divisions within the “Saudi Coalition” that has been destroying the country. The United Arab Emirates, supposedly allied with Saudi Arabia, has been pursuing a very different strategy, which is laid out in this video.
I don’t necessarily have too much trouble with hypocrisy. Any adult realizes that we’re all hypocrites to some degree. But we should know what we’re doing. And the level of hypocrisy illustrated in today’s video is pretty extraordinary. Yemen and Ukraine are two of the world’s hot spots. Essentially the same thing is happening in both countries. A more powerful neighbor is trying to invade and change them. If we care about international law, we should be more willing to make these comparisons more often.
Also, watching today’s video, I realized that I’m being deeply hypocritical in the video. I was so excited to make this comparison that I left my own country out of the analysis. The United States invades countries more frequently than anybody else does. The vid should definitely have mentioned that. But I think the point still stands. One day the US might be able to be constrained by international law as well. If we’re going to get there, we have to be willing to try to look at all conflicts with a little more objectivity. Which is hard for hypocrites like us…
Watching today’s video, I don’t think I really hammered home the point I was trying to make with the section on Wolf Warrior 2. So let me do that here. The Chinese public is being primed to embrace the idea of “humanitarian” intervention in Africa. Modern China doesn’t have much of a history of international adventuring (other than scoring points on its borders with India and Vietnam), but “Chinese Hollywood” is doing its best to build support for it. The Chinese public apparently has a tremendous appetite for this kind of film. If you look at this list of the biggest Chinese blockbusters you can get a sense of just how dominant Wolf Warrior 2 has been. But following up in second place we have this year’s Operation Red Sea, which is apparently a vastly exaggerated recounting of the Chinese Navy’s extraction of Chinese nationals from the war zone in Yemen.
I actually sat through both of the Wolf Warrior movies, and I have a very long twitter thread to show for it. I’d recommend you read that twitter thread. The first Wolf Warrior film presented a very standard, and very old message. Essentially: “Leave Us Alone!”. The first film provided a bit of weird cognitive dissonance for this American viewer. It was profoundly odd to see all the tropes of large scale US action film making translated into a Chinese context. It was weird fun, but there was little in the message presented to object to.
As you’ll see if you read the twitter thread, Wolf Warrior 2 was not fun. It was downright scary. The messages presented were heavily in favor of intervention, and the whole movie implied that China had a responsibility to help the poor defenseless Africans its with massive military power. This is of course just a mirror image of the messages that Hollywood has been pumping into the US public for decades. It’s profoundly disturbing to see China’s nationalist messaging moving in the same direction. But that’s what is happening. Wolf Warrior 3 is apparently going to be about fighting terrorists. It’s really, really sad to see China adopting the worst parts of US militarist ideology. It’s hard to see how it won’t eventually lead to conflict, as I point out in today’s video.
Oh, and if you want to check out my whole “World War 3” series thus far, which takes a serious look at how this conflict, which I view as being decades off, might take place you can check it out here…
I’m no Donald Trump fan (to put it mildly) but occasionally, he’s absolutely right. He wants to get out of Syria. He said so back at the end of March. I have a nasty suspicion that his statement may be the reason we ended up bombing that poor country a few weeks ago. As I’ve documented fairly rigorously over the past couple years, almost everybody in “respectable” politics in the United States is angling for a wider war in Syria.
That’s why it’s so hard to find the basic information I’ve laid out in today’s video. The conflicts in Vietnam and Iraq are often talked about in broad terms. It’s conceded that the conflicts were mistakes, but we get bogged down in the details, and questions of the individual mis-steps and controversies. The bigger picture gets obscured. I’d argue that’s kind of the goal. Because if you back up a bit, and view the trajectory of these conflicts, you quickly realize that they are very similar. And, horrifyingly, this is exactly the trajectory we’ve embarked upon in Syria. Today’s video draws back the curtain.
Spanish history really is amazing. As someone from the United States, who has spent a fair amount of time in the Middle East, I tend to focus on British and ancient history. Last year my family took a trip to Spain and Morocco and I really got a sense of what I’m missing. Spain has its roots in a fascinating conflict and mixture between Roman, Medieval Christian, and Islamic cultures. The Crusades focusing on Jerusalem, a much more transitory affair, get a lot more press. Which seems nuts. You’ve got to go back to 1961 and the surprisingly woke, and gloriously bloated, Charlton Heston film El Cid to find a treatment of the Spanish Reconquista in popular culture.
This is a shame, because it’s an incredibly epic story. You’ve got Medieval culture clash that literally ends the SAME YEAR, 1492, as a new and even more momentous clash between continental civilizations. The Crusades don’t have the conquest of a continent as their aftermath. The lack of coverage may have something to do with the fact that Spanish history, and Latin American history hasn’t always been the happiest. Here’s hoping that that changes in future years. I’m definitely excited to do some more work on the topic, and I am super excited to be covering it in this week’s video…
Crowd-funded Media is essential. I’d like it if I could continue to do it, but that’s beside the point. We’ve got a lot of great institutions that do essential reporting and analysis. From newspapers, to universities, and even think tanks. But all of these institutions have obvious and hidden stake-holders that they are accountable to. We all know about the way that news organizations have to keep their advertisers happy. But Universities and think tanks have less obvious issues as well. Schools and think tanks are dependent on the US government for a lot of their funding. Schools have rich foreign students to attract. It’s not that this necessarily makes their coverage dishonest, it’s just that they won’t look into certain topics. This excellent New York Times article pointed out how completely large think tanks are owned by sovereign wealth funds and other large players.
None of this is a secret. It just isn’t talked about much. But it’s one of the most important factors impacting the way we see the world. Which is one of the reasons I started the More Freedom Foundation five years ago. I may not be able to continue to do this work, but we need someone to do it. It’s only individuals, and small groups of individuals that can truly look at the world honestly. Today I published a video on why I may be a joke, but I’m a joke worth supporting.
I launched a fund-raising drive last week, and the response has been incredible. We’re a third of the way to the goal just one week into the two month drive! I’m humbled and grateful to all of you, not just those who have chipped in on Patreon. Your views, likes, subscribes, comments and reads make this whole thing possible. So I’ve decided to give away a free essay. “Your War On Drugs, 6,000 Words on the Shame of the Nation” will be available for free for the kindle from May 22nd to May 26th. For those of you without a kindle I’ve attached a pdf version here…