Last week I noted that the US is becoming an emerging market. By quick way of review:
1) Many of the most important institutions in the US now exhibit a level of corruption that is normal for banana republics. We now see these institutions doing everything from interfering in elections to arresting political opponents and more. The individuals who do this are not punished, if anything they given book deals and TV slots.
2) The US no longer has a clear rule of law. Those with the correct political leanings and connections can avoid jail time for serious crimes, even treason. Meanwhile, those on the other side of the political spectrum are given lengthy sentences for minor transgressions.
3) The US economy is no longer a manufacturing or industrial leader. Decades of outsourcing have gutted the middle class resulting in the kind of wealth disparities you usually see in emerging markets. American children dream of becoming influencers or social media personalities instead of business owners or innovators.
It’s enough to make you sick.
Indeed, the “US is an emerging market” theme was on full display last week when our Secretary of the Treasury, Janet Yellen, arguably the most important financial figure in our country, and the person in charge of managing the US dollar/financial ponzi scheme, groveled in front of China’s Vice Premiere He Lifeng during her visit to China.
Ms. Yellen bowed repeatedly to the Vice Premiere, groveling much as an emerging market financial official would kowtow to his or her counterpart from a more developed, superior nation upon which the former’s nation relied for aid, support and assistance.
