The coronavirus has thrown us into truly unprecedented times. Most countries have enforced a lockdown, and global travel has ground to a halt, and this, in turn, has had an enormous impact on the economy.
Stock markets all over the world experienced huge volatility. Wall Street suffered its worst day since ‘Black Monday’, oil prices went negative for the first time in history and governments all over the world have been implementing extreme fiscal and monetary policies.
Many analysts have suggested that rather than coronavirus being the cause of this economic downturn, instead, it was merely the pin that popped the bubble and the enormous debts that have been amounting since long before the 2008 global financial crisis was a disaster waiting to happen.
So, how do we get out of this mess? Who stands to benefit from government money printing? Who has to pay this money back? And, why the fuck is Steve Mnuchin, the Secretary of the Treasury?
To answer these questions and more, I am joined by leading finance experts: Andrea Ferrero, Andreas M. Antonopoulos, Caitlin Long, Ben Hunt & Raoul Pal. We look at the corruption and mismanagement of the economy by central banks and governments.
Can the Constitution withstand the partisans?.. 2019, because this looks to be the year of the wolves — the year when savage and previously unimaginable things might happen. It will be a year of
- divided government and unprecedented partisan conflict. It will be a year in which
- Donald Trump is isolated and unrestrained as never before. And it will be in this atmosphere that
- indictments will fall, provoking not just a political crisis but a constitutional one.
There are now over a dozen investigations into Trump’s various scandals. If we lived in a healthy society, the ensuing indictments would be handled in a serious way — somber congressional hearings, dispassionate court proceedings. Everybody would step back and be sobered by the fact that our very system of law is at stake.
We know the language he’ll use. It will be the anti-establishment, anti-institutional language that has been coursing through the left and right for the past few decades: The establishment is corrupt, the game is rigged, the elites are out to get you.
At that point congressional leaders will face the defining choice of their careers: Where does their ultimate loyalty lie, to the Constitution or to their party?
If their loyalty is to the Constitution, they will step back and figure out, in a bipartisan way, how to hold the sort of hearings that Congress held during the Watergate scandal — hearings that inspired trust in the system. They will step back and find men and women of integrity — the modern versions of Archibald Cox, Elliot Richardson and Judge John Sirica — who would work to restore decency amid the moral rot.
On the other hand, if they put party above nation, they will see this crisis as just another episode in our long-running political circus. They’ll fall back in partisan lines. They’ll hurl abuse. Their primary concern will be: How can this help me in 2020?
If that happens, then the roughly 40 percent of Americans who support Trump will see serious evidence that he committed felonies, but they won’t care! They’ll conclude that this is not about law or integrity. It’s just a political show trial. They’ll see there is no higher authority that all Americans are accountable to. It’s just power and popularity straight through.
If that happens, we’ll have to face the fact that our Constitution and system of law were not strong enough to withstand the partisan furies that now define our politics. We’ll have to face the fact that America has become another fragile state — a kakistocracy, where laws are passed and broken without consequence, where good people lay low and where wolves are left free to prey on the weak.
David Cay Johnston discusses his book, “It’s Even Worse Than You Think” at Politics and Prose on 1/24/18.
7:07 : Stopped posting notices of worker deaths