Consequence of Rigged Markets is Currency Crisis – James Howard Kunstler
By Greg Hunter
USAWatchdog.com
June 28, 2017
Author/journalist James Howard Kunstler has been in the writing business for decades and has never seen the geopolitical and economic landscape in America look like it does today. Kunstler explains, “I have never lived through a time, and it’s obvious I have lived a long time . . . in American history that is as crazy as this one. The part that is the most disturbing is the people who used to be sane have now completely gone off the rails. I am speaking of the Democratic Party. The nonsense that is coming out of that wing of our politics has really become a reality optional political party.”
On the so-called Russia collusion story and the 2016 election, Kunstler says, “What is the strangest part of the whole story is that we have heard nothing but the phrase ‘collusion, Russian collusion, Russian interference’ in the election for the last 12 months. I have yet to hear anybody say what it actually was that they colluded with, or what they actually did other than getting the emails of the DNC and John Podesta and making them public. That doesn’t seem to be what they are talking about. We have to find out what they mean by collusion and interference because nobody wants to say.”
On the state of journalism, Kunstler, who is a prolific writer and has authored 20 books, contends, “It’s amazingly disappointing. What else can you say? It makes you wonder if the people at the New York Times, CNN and the Washington Post are just underpaid and dumb or whether they are just so dogmatic and ideologically agenda driven that they have become reality optional. They are not interested in what’s really going on in the world, but only in the ‘narrative’ they are trying to push. It’s hard to understand how a culture can decay to this degree, but that’s what we are seeing. We are seeing the culture of journalism just rot away. . . . What we are seeing is extremely politically driven media.”
Kunstler points out that all markets are rigged and is “worried” about the true state of the economy. Kunstler says, “Many have accepted the fact that the authorities can keep on producing these perversions and distortions of finance forever with no consequences. That’s the part that is really missing. That’s the part of that story that is missing is the idea that there are any consequences for intervening, perverting and distorting the price discovery mechanism of markets. That is the fundamental purpose of a market. . . . The idea that that can go on indefinitely without producing consequences is absurd.”
So, how does Kunstler think this will play out? Kunstler says, “There is an appearance that they can carry on these shenanigans forever, but sooner, rather than later, we are going to see consequences. My guess is it will appear in the form of people losing their confidence in the value and the meaning of the money they are using. That would be a currency crisis. Right now, they have no reason to believe in the value of the things in the markets because the markets have been so distorted. Eventually, I think it will be a matter of them losing confidence in the currencies themselves. I think that’s where it’s going to start to accelerate into a major crisis of culture and economy.”
Join Greg Hunter as he goes One-on-One with journalist James Howard Kunstler, author of the new book “A Safe and Happy Place,” his 20th book.
