Wednesday, April 8, 2015

Russia knight to queen 4

European powerbrokers’ insistence on papering over national boundaries with a common currency is backfiring in a big way. Inviting PIIGS countries into the eurozone was like cosigning a mortgage for someone who can’t afford the monthly payments. You shouldn’t do it because ultimately it will be your ass on the line.

The Greeks piled up debt to 175 percent of GDP, forcing economic growth through hyper-fascist, demand-side policies, and like an itinerant college graduate they refuse to move out of mom and dad’s basement or pay rent. Now “united” Europe is forced to either:

  • Forgive a boatload of debt to Greece, risking bond rating devaluations on top of zero interest rates and quantitative easing
  • Push Greece into the waiting arms of a crafty enemy in Vladimir Putin

Soft underbelly of Europe, indeed! Russia, which is not manically enslaved to liberal pieties, continues to show poise in the 21st century fight for national survival. They’ve halted Western military expansion, they’ve honored savers with marketable interest rates, and they’ve relatively recovered from demographic collapse by pursuing a pro-family agenda and giving the gay mafia no quarter.

Were it not for the undemocratic, authoritarian means, Russia’s record would be enviable.

Tuesday, April 7, 2015

The Founders’ noble lie

Two questions:

  1. For whom did the Founders intend the Constitution, and to whom did they devolve the rights to self-determination and self-government?
  2. If a people have no temptation to steal, do they need a law against stealing?

The better a people are, the less domineering a regime they need over them to keep them civil. The fate of limited government rests on how well the people govern themselves. Given our fallenness, something besides man himself and the law is necessary: a will submissive to the revelation of truth in Jesus.

The secular bargain starts at removing the ultimate stakes, the battle for souls, from the public sphere. Then the sole obsession of civil society becomes producing the effects of a circumcised heart in people without converting them, in the forms of good character, virtues, and civic-minded works. Secularism asks for the fruits without planting the seeds.

Many of the Founders were deists, or “the belief of one God, and an imitation of his moral character, or the practice of what are called moral virtues,” in Thomas Paine’s words. They saw the political utility of people holding to faith in Jesus as Lord and Savior, while for themselves they assumed the task of willing themselves to virtue and righteousness. Put bluntly, many of them considered the gospel of Jesus a noble lie, intended for the ungovernable masses.

“As to Jesus of Nazareth, my Opinion of whom you particularly desire, I think the System of Morals and his Religion as he left them to us, the best the World ever saw, or is likely to see; but I apprehend it has received various corrupting Changes, and I have with most of the present Dissenters in England, some Doubts as to his Divinity: tho’ it is a Question I do not dogmatise upon, having never studied it, and think it needless to busy myself with it now, when I expect soon an Opportunity of knowing the Truth with less Trouble. I see no harm however in its being believed, if that Belief has the good Consequence as probably it has, of making his Doctrines more respected and better observed, especially as I do not perceive that the Supreme takes it amiss, by distinguishing the Believers, in his Government of the World, with any particular Marks of his Displeasure.” –Benjamin Franklin, Letter to Ezra Stiles

Franklin, like aristocratic deists of his time (and like atheists/agnostics of our time) sought self-perfection through the will. His conceit was that he could achieve this on his own. Unfortunately, his personal failures didn’t reveal the truth of the scriptures to him. He wrote this at 20 years old:

It was about this time I conceived the bold and arduous project of arriving at moral perfection. I wished to live without committing any fault at any time; I would conquer all that either natural inclination, custom, or company might lead me into. As I knew, or thought I knew, what was right and wrong, I did not see why I might not always do the one and avoid the other. But I soon found I had undertaken a task of more difficulty than I had imagined. While my care was employed in guarding against one fault, I was often surprised by another.

So, despite being a great man, Franklin was not accounted righteous by his faith, but held to the standard of his self-convicting conscience.

There is much of goodness that we can perceive on our own. Our individual knowledge of it varies by degrees. But the body nor the mind—nor even the mind of a genius like Franklin—can overcome the pull of flesh. Running from sin, as he tried to do, doesn’t work because there is no running from the flesh. Sin possesses us, and it is only Jesus who can push it out.

In faith we can attain the righteousness of moral perfection, but in matters of the soul it is best not to legislate, as the history of theocracies is replete with horror. Hence, the establishment clause. However, it is easier to legislate for a people whose wills you know belong to Him, knowing they won’t turn their liberty into license. For few non-believers are as well-bred and cultivated as Franklin. For a people easily given over to their passions, a thorough, totalitarian system is necessary to hold off descent into a Hobbesian state of nature.

P.S.: Paine, an early supporter of the French Revolution, and who wrote “my own mind is my own church,” saw firsthand the consequences of man assuming all divine authority over himself.

Thursday, April 2, 2015

The rainbow state

Last but not least of Ross Douthat’s questions for Indiana’s critics is:

In the light of contemporary debates about religious parenting and gay or transgender teenagers, should Wisconsin v. Yoder be revisited? What about Pierce v. Society of the Sisters of the Holy Names of Jesus and Mary?

Those cases affirmed the right of parents to educate their children, invalidating state laws mandating compulsory public education. The Supreme Court twice ruled the state did not have a compelling interest to overrule the natural rights of parents to raise their children.

But the natural rights of parents are poised to evolve dramatically. Just as the foundation for marriage definition disfunction was laid in the sexual libertinism of the ’60s and ’70s, a scientific revolution in how children are created is laying the groundwork for a Brave New World-style, state-centric apparatus to manage the rearing of children by licensed (i.e., politically correct) foster units of one, two, three, whatever.

The Indiana offensive has solidly grown the cult of unassailable individuality from the public sphere to the private sphere. Compulsion is the new acceptance is the new tolerance. The transition to the new regime is all but over when corporate America preemptively gets behind the cause to protect their brands.

Here’s what it means: The state will allow you to have property if you don’t use the property as an extension of your conscience, or unapproved discernment. A cog in the planned economy, as opposed to vocation and calling, is our economic destiny. The fascist, demand-side ethos (exemplified by Joaquin Castro) has mutated into a concept of property that exists at the will of customers taking their private sins public. “Running your business” now literally means letting others run your business. You take on all the risk, in turn they take all the benefit.

Now if it’s illegal to run a business outside the aegis of the LGBT mafia, how will holdouts to the new order be allowed to pass on their ideas of living for the Spirit instead of for the flesh to the next generation? It would be as if a stratum of society was raising its children to be bank robbers. Are not those parents a de facto insurgency, enemies of the rainbow state?

Well, let’s not overstate the case, “reasonable” voices would say. At the very least they are abusing their children with bad teaching, holding back their development into New American Citizens.

We’ve seen how aggressive the state is in kidnapping children from their parents “for their protection.” Surely “abusive” teachings can become grounds for every child to be forcibly adopted by the state, so their (re)education can continue unimpaired.

That’s one plausible answer.

Related: “Secession is the best outcome now.”

Monday, March 30, 2015

Odds and ends 3/30/2015

Daniel Greenfield highlights the Obama administration’s preferential treatment of enemies:

Iran’s Supreme Leader just said, “Death to America”, but that won’t impact the negotiations. The White House explained that was “intended for a domestic political audience”. When Netanyahu says something during an election that the White House doesn’t like, the fact that it was intended for a domestic audience doesn’t matter. But when Iran’s leader calls for “Death to America”, we can just ignore that because it surely doesn’t reflect his deeper feelings on destroying America.

Terrorist regimes are treated as untrustworthy when it comes to their rhetoric, but absolutely reliable when they negotiate. The same Ayatollah who calls for “Death to America” is supposedly lying to his own people, but his representatives will be absolutely honest when they pledge not to build a bomb. The Palestinian Authority shouldn’t be paid attention to when it calls for destroying Israel, but should be relied on when it signs on the dotted line no matter how many agreements it broke in the past.


Investor’s Business Daily calls QE a disaster:

The idea behind all these grand experiments was to encourage consumers to buy more on credit and investors to take greater risks with their money.

Did it work? The answer, of course, is no. Japan and Europe are still slumping. The U.S. recovery and expansion are the worst since the Great Depression. And while stock markets and corporate bond markets appear to have benefited from these moves, incomes have lagged and job growth has been slow.

Joseph Calhoun writes at Zero Hedge:

So it appears we will be getting more of the same from the monetary side of the economic growth equation, a mix of zero interest rates (negative real rates) and the hope that the wealth effect is greater than all the research says it is. Not that either policy has worked to date. The euthanasia of the rentier, that Keynesian disdain for those lay about savers, has failed so miserably that one wonders how long it will be before monetary policy takes a Logan’s Run turn and shifts to the real thing. Surely if we just kill all the seniors trying to live off their savings we can get down to the business of spending our way out of this lousy economy. The Fed’s policy of lowering interest rates at any sign of economic weakness over the last few decades has distorted capital allocation so badly that a new theory—secular stagnation—had to be invented to explain the poor performance of the economy.

Secular stagnation is not a discussion topic because we’ve run out of ideas—except maybe at the Fed—but because low interest rates in this cycle accomplished nothing more than allowing corporate insiders to borrow against company assets to line their own pockets and governments to continue avoiding structural reforms that are the real impediment to better growth. Yes, some of the easy money leaked into student and auto loans here in the US and certainly it boosted borrowing outside the US as the weak dollar enticed borrowers from Beijing to Rio, but that has only made the problem worse as the global debt pile has grown even larger in the years since the Great Recession. The now rising dollar has exacerbated the problem for all those non-US borrowers and the Fed can’t get off the zero bound for fear they will prick the debt bubble for which they provided the air.

QE and ZIRP were supposed to work through the two channels of the portfolio balance effect. The twin policies would force investors into riskier securities in a reach for yield, allowing lower rated borrowers to gain funding.

Charles Hugh-Smith writes:

The central banks have manipulated the market for sovereign bonds by creating new money out of thin air and buying bonds. The goal is to suppress interest rates. And since central banks can create as much money as they want, whenever they want, there is no limit to how many bonds they can buy.

Rising yields once acted as a limiting factor on governments' issuing more bonds to fund their fiscal deficits. But since central banks have created trillions of dollars out of thin air to buy as many bonds as the Treasury issues, rates can be suppressed for as long as central banks are free to create trillions out of thin air.

Matt O’Brien writing in the Washington Post exemplifies the thinking that continued monetary easing has a bigger upside than a downside. Over the short term, he’s right.

What’s the Fed to do? Well, it could continue on its plan to raise rates because of low-ish unemployment, and risk killing whatever momentum the recovery has with a strong dollar. Or it could keep rates at zero because of the strong dollar, and risk ... well, it’s not clear what. Not inflation. Overall prices are up an anemic 0.7 percent the past year, core prices just 1.3 percent, and wages are stuck at 2.2 percent. And not a bubble. Household debt ratios are still falling, and while subprime auto loans are worth watching, that’s still a tiny market at only $20 billion.

Response:


Christopher Chantrill writes at the American Thinker:

In our age the economic, political, and cultural sectors are nominally separate, and the political class, assisted by the cultural class in the media, relieves the poor without taking on the responsibility of actually paying to feed the poor. The powerful political magnate receives the heads of the poor in his hands, and then pays for the benefits for its bondsmen not from his own estates, as of old, but from tax monies taken from the economic sector, from businesses and wage earners, by force.

Let’s move to Ferguson, a great place to do business and raise a family, no one said in the last 8 months. Ed Driscoll writes:

Fusion, a Website that’s an, err fusion between Univision and ABC/Disney is shocked that Ferguson real estate prices are “Down nearly 50 percent since Michael Brown’s death.” There’s more than a hint of bias in that subhead, as the cause wasn’t Brown’s death after he slugged a convenience store clerk and attempted to steal a police officer’s gun, but the riots and looting that followed—which were another kind of media fusion, ginned up by via the minicams of CNN and fueled further by NBC anchorman Al Sharpton’s corrosive presence.

If “sexual orientation” doesn’t fit the definition of a protected class, then discrimination is constitutionally protected, including in setting the definition of marriage. Ryan T. Anderson writes:

Part of the reason why ENDA creates these threats is that the definition of sexual orientation and gender identity is ambiguous. ENDA makes illegal what it considers to be discrimination based on an “individual’s actual or perceived sexual orientation or gender identity.”

ENDA defines “sexual orientation” as “homosexuality, heterosexuality, or bisexuality” but offers no definition of those terms or what principle limits “orientation” to those three. Likewise, ENDA defines “gender identity” as “the gender-related identity, appearance, or mannerisms or other gender-related characteristics of an individual, with or without regard to the individual’s designated sex at birth.”

These classifications are problematic. Paul McHugh, MD, University Distinguished Service Professor of Psychiatry at the Johns Hopkins University School of Medicine, and Gerard V. Bradley, Professor of Law at the University of Notre Dame, explain:

Social science research continues to show that sexual orientation, unlike race, color, and ethnicity, is neither a clearly defined concept nor an immutable characteristic of human beings. Basing federal employment law on a vaguely defined concept such as sexual orientation, especially when our courts have a wise precedent of limiting suspect classes to groups that have a clearly-defined shared characteristic, would undoubtedly cause problems for many well-meaning employers.

McHugh and Bradley caution against elevating sexual orientation and gender identity to the status of protected characteristics because of the lack of clear definition: “There is no scientific consensus on how to define sexual orientation, and the various definitions proposed by experts produce substantially different groups of people.”

Because there is no clear definition, the phrase is inherently elastic. McHugh and Bradley conclude:

Despite the effort of ENDA’s legislative drafters to confine “sexual orientation” to homosexuality, heterosexuality, and bisexuality, the logic of self-defined “orientation” is not so easily cabined. ... Even polyamory, “a preference for having multiple romantic relationships simultaneously,” has been defended as “a type of sexual orientation for purposes of anti-discrimination law” in a 2011 law review article.

There is no limiting principle for what will be classified as a sexual orientation or gender identity in the future. Indeed, Wesleyan College has extended the LGBT acronym and created a “safe space” for LGBTTQQFAGPBDSM: Lesbian, Gay, Bisexual, Transgender, Transsexual, Queer, Questioning, Flexual, Asexual, Genderfuck, Polyamorous, Bondage/Disciple, Dominance/Submission, Sadism/Masochism. Will ENDA be used to protect these orientations and identities as well? If not, why not?

An excellent question that won’t make a damn’s worth of difference to Anthony Kennedy.

Don’t fall for this libertarian seduction:

In a recent speech at Boston University, University of Virginia law professor Douglas Laycock observed that America’s sexual revolution seems to be going the way of the French Revolution, in which religion and liberty cannot coexist. Today pro-choice and gay rights groups increasingly view conservative Christians as bigots hell bent on imposing their primitive beliefs on others.

Rather than viewing today’s culture wars as battles between light and darkness, Laycock sees them as principled disagreements. What one side views as “grave evils,” the other side views as “fundamental human rights.” What is needed if we want to preserve liberty in both religion and sexuality is a grand bargain in which the left would agree not to impose its secular morality on religious individuals while the right would agree not to impose its religious rules on society at large.

Any takers? Is it really necessary to pin a scarlet letter on those who believe the Bible prohibits gay marriage? Or might we learn to be satisfied with preserving liberty for ourselves without imposing our ideals (on sex or religion) on others?

Because it’s just too hard to tell someone they’re not supposed to be doing what they’re doing; therefore, let’s pretend all these hedonistic acts are on par with normal, healthy sexual relations between husband and wife and that the mass deviancy this will arouse won’t have negative consequences. Just like liberalizing marriage and abortion and contraception “rights” were a boon for the lower and middle classes.

What a load of trash. This delusion is willful.

I oppose RFRAs because they don’t tackle the root of the problem, which are attacks on the right of ownership, not religion. But if you’re going to enact RFRAs, enact them with gusto. Don’t monkey around with social moderates, quislings, and appeasers like Mitch Daniels, moneyed Republican donors, et al. Tim Swarens writes:

[Indiana Governor Mike Pence] adamantly insisted that RFRA will not open the door to state-sanctioned discrimination against gays and lesbians. But he did acknowledge that Indiana’s image — and potentially its economic health — has been hurt badly by the controversy.

I spoke with Pence on the same day that thousands of people rallied at the Statehouse in opposition to the law. And the same day that Angie’s List CEO Bill Oesterle announced that his company will abandon a deal with the state and city to expand the company’s headquarters in Indianapolis because of RFRA’s passage.

Oesterle’s statement is a telling sign that the outrage over RFRA isn’t limited only to the political left. Oesterle directed Republican Mitch Daniel’s 2004 campaign for governor. And it’s a signal that the damage from the RFRA debacle could be extensive.


You can’t satirize some people because they take their absurd ideas to such logical ends that they impugn themselves. For example:

On no less than 15 occasions over the last two weeks, I have been greeted by the military personnel at the gate with the phrase “Have a blessed day.” This greeting has been expressed by at least 10 different Airmen ranging in rank from A1C to SSgt. I found the greeting to be a notion that I, as a non-religious member of the military community should believe a higher power has an influence on how my day should go.

The idea being that atheists are put upon by public religion; therefore, all public references to God must be scrubbed.


In a desperate bid to stay relevant, Presbyterian Church USA becomes irrelevant. What is novel and appealing about being hedonistic culture’s amen corner?

The Christian Post reports:

A small congregation in New York has voted unanimously to leave Presbyterian Church (USA) following the mainline denomination’s recent vote to approve gay marriage.

Brighton Presbyterian Church, a 200-year-old congregation in Rochester, voted Sunday to seek dismissal from its PCUSA regional body, the Presbytery of Genesee Valley.

The vote to disaffiliate came not long after a majority of presbyteries in PCUSA approved an amendment to their Book of Order defining marriage to include same-sex couples.

Kerry E. Luddy, spokeswoman for Brighton Presbyterian and wife of the head pastor, told The Christian Post that the decision to leave "is not a sudden decision.”

“We have been prayerfully considering this for about two years, and officially began the discernment process in mid-2014,” said Luddy.

“Our reason for leaving is centered on the status of biblical interpretation within the PC(USA). We believe that Scripture’s meaning and intent should not be altered to fit a current culture.”

Vox Day said: “Society cannot destroy the Church, but the Church can destroy itself by making societal approval its priority.”

Saturday, March 28, 2015

Cut back the self-justification in YA

There’s no better way to lose an audience than to tell them they’re the problem. That’s why I think Jesus spoke in parables to illustrate the hard truths, and never directly gave questioners what they wanted to hear, but always indirectly what they needed to hear—especially if they were self-righteous. The Pharisees, who tried to entrap Jesus by having Him rule one way or the other, logically reduced his responses considering the kingdom of heaven so as to be self-explanatory and irrefutable (e.g., “Give to Caesar the things that are Caesar’s, and to God the things that are God’s.”). If, however, Jesus had told everyone what they wanted to hear, satisfying a soaring market demand for self-justification, He would have been the richest, most popular figure in Israel, as opposed to the most divisive and most instructive.

This is true for young adult (YA) fiction writers, whose audience also yearns for self-justification. Those writers who deliver it in spades are multimillionaires by offering stories of anxious teens unexpectedly ridding the world of violent oppressors who are keeping them from living out the truest expression of themselves. That’s how every teen imagines his struggle against his parents and teachers is like. Disillusioned with the world, they just want to be left alone, and they value freedom even though they don’t know what to do with it. The notion that the greatest danger is the self doesn’t register in YA, unless you delve into C. S. Lewis’s Chronicles of Narnia or Tolkien’s Lord of the Rings, of a half-century ago. YA protagonists are much too self-assured and focused in their quest to destroy unoriginal permutations of Big Brother than to bother identifying how decent people go bad by being led gradually into darkness by their sin.

That is a shame, considering YA is training tomorrow’s adults to see someone “imposing” order by threat of force as evil, instead of examining that order and the degree to which reality informs it, and the degree to which seemingly harsh or unnecessary punishments exist to teach. No man in his life was ever not subject to some order. Teens are missing out on developing the tools to recognize the temptations within, the pull of radical egalitarianism and the nihilism of the will. The more likely tyranny is the one we blindly impose on ourselves, the one we fall into easily enough on our own because it’s popular and cool, because it’s the zeitgeist.

Gracy Olmstead writes at the American Conservative:

Why we haven’t seen more diversity in the dystopian genre as of late? It would be one thing if these were just films: we’re used to seeing the same underdog sports story, the same superhero films, over and over again. But these are book adaptations, plots created by authors who are regurgitating up the same tired stories at a ceaseless rate.

It could be that Hollywood has not discovered some unknown gems that may lace the dystopian genre—and if so, hopefully such works will begin to surface. But we still need some new novels—if not for our own sakes, at least for the young adults who more consistently read them. They needn’t be entirely new and brilliant; but couldn’t we at least write something more along the lines of Brave New World than 1984? It would feature a contrasting world, a diverse yet interesting array of characters. It would look at the consequences of hedonism, rather than the consequences of authoritarianism.

But perhaps the reason Huxley’s dystopia is the less popular of the two, is because it hits too close to home. It’s more fun watching domineering bad guys get crushed by upstart teenagers than it is to see a pleasure-centric society killing itself with ignorance and lust.

Related: “Unweaned masses.”

Sunday, March 22, 2015

Reasoning towards grace

Samuel James wades into the middle of an apologetics dispute between Eric Metaxas and Francis Beckwith, and makes a great point about Romans, which I am coteaching to my small Sunday morning Bible class. We actually covered this in class March 8:

Admittedly, when it comes to Christianity and faith, adopting the vocabulary of the Enlightenment is usually not the best course. However, any discussion about this should carefully consider Romans 1. In that familiar passage, Paul, discussing the scope of mankind’s rebellion against its Creator, intensifies the cosmic treason of unbelief by magnifying the imprint that God has left on Creation:

For the wrath of God is revealed from heaven against all ungodliness and unrighteousness of men, who by their unrighteousness suppress the truth. 19 For what can be known about God is plain to them, because God has shown it to them. 20 For his invisible attributes, namely, his eternal power and divine nature, have been clearly perceived, ever since the creation of the world, in the things that have been made. So they are without excuse. [ESV]

“So they are without excuse” is a significant sentence. Whatever else Paul might mean by declaring that God’s attributes are “clearly perceived” in the created world, he plainly teaches that this knowledge, this natural revelation, serves an epistemologically judicial function: It renders unbelief inexcusable. Paul believes that the natural world is an unalterably persuasive evidence of God, so much so that to persist in unbelief (as human beings do) is nothing less than “suppressing the truth.”

Apropos of natural law, Doug Mainwaring reasoned his way to God. He writes in Public Discourse:

Where and when should I draw the line with reason? With examining my conscience? With looking at the facts and making decisions based not simply on what I want or what I think is good for me, but based on absolute truths? My thoughts needed to result in actions. Eventually, I chose to lead a chaste life. In view of the facts, in view of the constant testimony of nature all around me, it was the only reasonable thing to do.

Reason led me to acknowledge natural law, which led me to begin rejecting some of my former ways of thinking and acting. Reason alone was enough to lead me to change the direction of my life. Then quite amazingly, natural law and reason working together led me to recognize and acknowledge God’s existence. And once I acknowledged God’s existence, again there was only one reasonable thing to do: I asked Jesus Christ to take the throne of my life, and I began to reject the emptiness of my self-centered ways.

Life experience and reason taught him there was a right and a wrong. They also taught him that he fell short, and continues to fall short, and he needs continuous grace.

Probably his observations also taught him not to expect an accounting of sin in this world, the world being demonstrably fallen and capricious towards righteous and unrighteousness alike. Where the rubber hits the road is answering the question: To whom are we accountable? Who judges us by the law we know we fall short of? If the answer is “self” or any earthly judge, we are stuck in the same fix. The world is fallen and cannot sort these matters out justly.

This leads to two deductions:

  1. God waits to judge us in the heavenly realms.
  2. God must forgive us by grace if we are to be accounted righteous.

Indeed God’s forbearance in putting up with our sins, not accounting them against us during our lifetimes, is a feature of His grace. Without it, no one would have an opportunity to repent and join Jesus, the first fruits, in heaven. We’d all be zapped before we knew what we were doing.

So by God’s grace we lead an imperfect life circumcised to God. Any other way leads to damnation.

If we say that we have fellowship with Him and yet walk in the darkness, we lie and do not practice the truth; but if we walk in the Light as He Himself is in the Light, we have fellowship with one another, and the blood of Jesus His Son cleanses us from all sin. If we say that we have no sin, we are deceiving ourselves and the truth is not in us. If we confess our sins, He is faithful and righteous to forgive us our sins and to cleanse us from all unrighteousness. If we say that we have not sinned, we make Him a liar and His word is not in us. (1 John 1:6-10)

Friday, March 20, 2015

Bulls’ Fed

Over the last year, between the Federal Reserve “taper” and the European Central Bank launching their own QE misadventure in February, the euro had lost a quarter of its value against the dollar—until Wednesday. The dollar lost 2.4 percent of its value against the euro Wednesday, bucking the year-long trend. So what gives?

For weeks people’s expectations have been that the Fed will move closer to raising interest rates for the first time in 10 years. The reality was sinking in that the free money pump was being turned off as it couldn’t stay opened forever. American stocks reacted accordingly, like they had actually hit their peak and had nowhere to go but down.

Those expectations of tightening Fed policy abruptly changed with the Federal Reserve downgrading its economic outlook on Wednesday. Surprise, surprise, the “longest period of job growth in American history” is a phony boom, fueled by wage stagnation, fascist demand-side stimulus, and low cash velocity.

Because this is opposite world, the Fed’s revised forecast means the more determinative force in this weak socialist economy, monetary policy, will continue to be loose for the foreseeable future to stimulate demand, which is all Keynesians know how to do. That is, there is no imminent, mid-summer interest rate hike. Thus, the $4 trillion bandwagon stayed to yoked equities where they are assured to earn better than zero interest. Stocks responded accordingly, jumping 2 percent, and currency traders dumped their dollars for euros, among other currencies.

Investors are bullish again, but savers don’t have the luxury of betting their savings on equities. The safest bet has always been low-risk interest-earning accounts, which in normal circumstances outearn inflation. These aren’t normal circumstances, though. Who knows when things will return to normal?