The consensus in the press was that remarks made by Donald Trump in the Presidential debate would more or less be the end as far as his political ambitions went. The basic MSM line was that ‘blood out of her eyes and wherever‘ comments wildly overstepped the mark in civilised discourse.
Journalist Megyn Kellys challenge was clearly designed to put Trump on the wrong side of women voters in the Presidential debate and mark him as Beyond the Pale in civilised society. However, instead of offering some kind of lame mea culpa for past transgressions, Donald chose to adopt a combatitive tone himself, forcefully attacking Political Correctness and by extension Megyn Kelly for adopting it..
And so far, the popular backlash against Trumps ‘caveman’ attitude hasn’t happened. Instead Trump seems to be holding his own in the court of public opinion. If anything the tide has turned somewhat and the question become: ‘Was Megyn Kelly put up by Fox news to take Trump down?’
Corporate conspiracy theory probably has some substance to it but the whole story is somewhat more subtle and interesting than mere corporate infighting.
The first thing to understand is the Trump shtick. The innovation lies not really what Trump is seeking to do but his method in going about it. Trump offers a variation on the well worn and well known:
‘I buy direct, in volume, and pass the savings on to YOU, the customer!’
spiel familiar from a thousand adverts and infomercials.
It is standard knowledge that Oligarchs buy politicians through donations and influence public opinion directly through investments in the media.
General wisdom is that Oligarchs use this method because they are essentially unattractive to the public. Rubbing the public nose in the methods of the Oligarch system won’t go down well in the long run so national politicians and national media operate respectively the HR and PR departments of American Oligarchy Inc.
Donald Trump represents a challenge to this way of thinking essentially saying:
‘I can do media as well as anyone; I have my own reality show- ‘The Apprentice’. I am at least as an attractive a public proposition as Jeb Bush et al. And I have got the money so I don’t need to beg anyone for funding. Lets do Direct Oligarch rule and cut out the middleman passing on the savings onto YOU, the customer!’.
It is not surprising that this approach resonates with a lot of people In the home of the Infomercial. But you don’t have to think very hard to see it is pretty deadly for media and politicians in general if this kind of thing were to catch on. This is the main motivation for the establishment to go after him. On an instinctive level it’s all about protecting livelihoods.
But what is really interesting is how designated driver Megan Kelly decided to go for Trump. The key to Trump is that he says he is the ‘whole package’, but Megyn is here to tell him he isn’t. Because he isn’t a woman. He doesn’t get women. He doesn’t get the post-post war settlement. He doesn’t get Whiteism. Of course it could have been a black or Hispanic journalist telling Trump this stuff on prime time TV, but that might have been just a little too much….
In other words, the whole ideological structure- expressing post war Germanic ideas of sexual and racial identity, family life, personal relations and morality that exists alongside basic capitalist economics has to be taken account of. And the priesthood (not in the exclusively male sense of course..) of this religion has to be taken account of and Donald has to bow down.
And this is where we come to the comedy and the tragedy of the matter:
Even if Trump wins he loses. Even if he isn’t cowed by Megyn Kelly or any one of ten thousand media/politician types that stand between him and his goal;
EVEN IF HE WINS THE PRESIDENCY he STILL loses.
Because actual plain vanilla capitalism, based on Economic Rationale, just won’t cut it anymore. Because capitalism is over. That is what Donald Trump and his campaign means.
The essence of the Trump campaign is the final triumph of cultural constituencies. Because under Trump capitalism itself is now just another cultural constituency in the United States of Everywhere.
Trump can no more apply for the real job of CEO of Americorp Inc than he can run a real recruitment process on his ‘Apprentice’ TV show. It’s not real if Trump is in it. Trump wouldn’t be interested if it was real.
Like Mickey Mouse in the Sorcerers Apprentice, Donald Trump is seeking to usurp the magic of the Germanic Cult of Capitalism.
He seeks the keys to the Magic Kingdom so that he can bring the savings direct to YOU, the consumer. But just like Mickey he is more likely to bring the whole thing crashing down around your collective heads.
Currency Wars or
Bet Your Bottom Dollar
For the third day the Peoples Bank Of China is lowering the exchange rate for the Yuan/Renminbi and nobody is sure what exactly it means.
It could be that currency wars involving competitive devaluation of national currencies to gain a trading advantage are finally here. After all they have been predicted for long enough. This is the negative interpretation.
Or it could be that China is trying to integrate itself into the global system by doing whatever it takes to make the Yuan a free floating potential SDR reserve currency. This is the positive interpretation.
But most people seem to agree that nobody knows what the Chinese are up to exactly.
Which is frankly, a load of bollocks.
The idea that the PBOC is screwing around with the exchange rate without talking to the Fed is ridiculous. And if the exchange rate alteration is such a big shock why no big brouhaha from America over the move?
So what is the deal?
Well first of all you can bet your bottom dollar that the PBOC has already let the Fed know that it will be devaluing the Yuan on international markets. And in plenty of good time. You can also bet that the PBOC has let the Fed know what the new target value is and what the time frame for achieving this target exchange rate is.
It would be hard to explain why China was doing this if its purpose is to gain an advantage in supposed currency wars.
So why is China doing this?
Well it could be that China is seeking to fully integrate the Yuan into the global system in the near future.
But I suspect the fundamental reason for this movement is because China no longer wants to use up large amounts of dollar and dollar denominated reserves in preserving the exchange Yuan/Dollar rate at the previous exchange rate.
Especially as it knows that preserving this exchange rate will become increasingly difficult.
Why would this be?
Because the Yuan is going come under increasing exchange rate pressure vis-a-vis the Dollar.
And why would this be?
Because the dollar exchange rate is going up .
And why would this be?
Because American interest rates are going to rise sometime soon.