Corruption During Boom Times

Although the big boom suffered a severe contraction earlier in the year the overall party has revived. Whereby both private and government sectors continue to be hyperactive. Even the deliberate COVID Crash of the global economy, country by country, is an example of hyperbolic policymaking. Paid agents continue to riot and in destroying parts of Democrat cities are inspiring downtown dwellers to move away from radical city politics. Lumber recorded a spectacular rise. Ambitious central bankers throw money at the markets and governments send out special welfare cheques. Those with too much at-home-time take the money and become day-traders on Robinhood.

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The touted Democrat "Blue Wave" failed

Altogether, an exceptional form of elevated hysteria. With this, the net for the financial markets is that animated spirits have prevailed through the season when liquidity problems could have been discovered. The touted Democrat "Blue Wave" failed and Republicans gained some 10 seats in the House. Understandably, financial markets are buoyant. And by oath, Trump is still required to defend the Constitution. Particularly as to how it applies to general elections. The final months of office is often described as a "lame-duck" presidency. Not likely, as Donald Trump could remind the Supreme Court of its constitutional role in civics. Another influenza provides no reason to allow changes in voting procedures. Quite likely, Trump will continue the popular reform through his second term. As we are all seeing, politics is definitely the biggest game in town, and comparisons to similar excesses can be reviewed. The following on Rome by the practical and comprehensive historian, Will Durant, is fascinating. Some may enjoy his sardonic style. Edward Gibbon also employed the irony presented by Rome's devastating experiment in authoritarian government. Talking about wealth in currency terms such as sesterces is meaningless today. But noting 220,000 pounds of silver is definitely the real thing with apparent wealth and real corruption spreading everywhere. And as usual with ambitious government all the wealth in the world was inadequate. Bureaucrats depreciated the coinage right down to just a sliver wash over copper. Ultimately to economic destruction. Bribery during elections was also practiced and Cato's observation (below) about a double standard could have been written today:

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Durant : The Story Of Civilization, Volume III, page 88: "The plunder from the provinces provided funds for that orgy of corrupt and selfish wealth which was to consume the Republic in revolution. The indemnities paid by Carthage, Macedon, and Syria, the slaves that poured into Rome from every field of glory, the precious metals captured in the conquest of Cisalpine Gaul and Spain, the 400,000,000 sesterces taken from Antiochus and Perseus, the 4303 pounds of gold and 220,000 pounds of silver seized in...Asiatic campaigns--these and other windfalls turned the prosperous classes in Rome...from men of means into persons of such opulence as hitherto only monarchs had known. Soldiers returned from these gigantic raids with their pouches full of coins and spoils. As currency multiplied in Italy faster than building, the owners of realty in the capital tripled their fortunes without stirring a muscle or nerve. Industry lagged while commerce flourished; Rome did not have to produce goods; it took the world's money and paid with that for the world's goods. Public works were expanded beyond precedent and enriched the 'publicans' who lived on state contracts; any Roman who had a little money bought shares in corporations. Bankers proliferated and prospered; they paid interest on deposits, cashed checks, met bills for their clients, lent and borrowed money, made or managed investments, and fattened on such relentless usury that cutthroat and moneylender became one word." Page 90: "Patricians stopped plebeians in the street and asked or paid for their votes. It became a common thing for magistrates to embezzle public funds and an uncommon thing to see them prosecuted; for who could punish robbery among his fellows when half the members of the Senate had joined in violating treaties, robbing allies, and despoiling provinces? "He who steals from a citizen," said Cato, "ends his days in fetters and chains; but he who steals from the community ends them in purple and gold."

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Slow-to-reform GOP increased its base, taking ordinary folk from the Democratic Party. And small donors have handed a stinging defeat to the elite

Our world of intense financial and political corruption has been part of another era of wild speculation in both fields. That while becoming remarkable is not new. Moreover, when the governing classes become reckless and greedy financial wizards and political operatives thrive. Those who don't know how to game the system learn hardship. With little by way of check-back mechanisms, both financial and political gaming goes exponential and eventually blows up. Very much part of the Deep State has been the noise about the "Green New Deal". The "New Deal" of the 1930s was also energetically promoted. Doubtless that proponents of these central planning fantasies were unaware of "The New Deal in Old Rome". The latter was published by Henry J. Haskell, a Pulitzer journalist and editor. Back in 1938 when the prize meant something. Not a long book, it can be read at the Mises site. The action in both financial and political markets continues in hyper-drive. Rising to a fury such that participants could be approaching exhaustion, both in spirit and finances. Expecting a landslide election, Democrats and their mega-buck elites spent hugely determined to get rid of the demon. Michael Bloomberg spent over $500 million, personally. RINOs who are would-be Democrats such as the embittered Bush team raised $100 million in the Lincoln Project--in order to defeat the GOP! Getting rid of Trump was more important than reforming dangerously intrusive government. On the other side, the slow-to-reform GOP increased its base, taking ordinary folk from the Democratic Party. And small donors have handed a stinging defeat to the elite. Wonderful.

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