Thought about populism
by Jerome Armstrong, Mon Nov 16, 2009 at 02:22:00 PM EST
The dollar hit a new low today against other currencies. If you google Obama's deficit plan, you'll pull up a Page Not Found*.
I've been mulling over and writing something about populism and the political turmoil that's underway as the GOP remakes itself, and Democrats struggle with having the power.
All this political reshuffling has led me to go back to the history books to re-read the mid 1890's to early 1900's, which, with its social conservative populism and economic turmoil, have similarities to glean over; President Grover Cleveland, then the battles between William McKinley vs William Jennings Bryan, and Teddy Roosevelt. That's a fascinating period, when the financial standards were moving from gold & silver to greenbacks. Amidst a financial collapse and recovery, a new economic environment emerged. Both parties became radically transformed as the nation moved from an agrarian to a industrial based economy. The Republicans transitioned from the party of Lincoln and the Civil War victors of justice to being the party of business. The progressives existed within the Republican party still, but the Democrats became less southern and more populist-based. I love reading about that era and its political upheavals. Its also distant enough that it gets away from the whole current era's Red-Blue divide, because you could find progressive arguments for both sides.
Consider another angle of possible similarity, that as we move toward a globalist economic system, its possible that the current fiscal attempt to rescue the economy by inducing inflation through deficit-ballooning is setting the stage for a move away from the dollar to a new global currency. Obama is probably ideally positioned for leading such a move, and I have little doubt that the populist conservatives would lead the charge in support of the dollar. You could make the progressive arguement that its much better for us to be led down that path by the likes of the Democrats doing the bidding of the banks under Obama, than it would be under BushCo. Although, one could counter-argue that Bush I & II made the corporate New World Order possible; Clinton, Obama and the Democrats just get to follow-through.
Update [2009-11-16 19:51:12 by Jerome Armstrong]: Consider if these are related?
* A joke people.... its under construction...