The world has gone mad. That’s in the financial and political markets.
The media are going on about the passions unleashed by each candidate. In getting hit for the first time with a resounding “No!”, the belligerent Left is in shock. Ordinary Americans getting involved is a very defensive move. Justifiably so. Those who call for less government under traditional constitutional limits are called – and get this – “Nazis”. The following by Tocqueville is elegant:
"Society was cut in two: those who had nothing united in envy; those who had anything united in common terror."
In the financial markets and with seemingly unlimited power, central bankers have been as reckless as the wildest of individual speculators in history. The difference is to compare longevity to ephemeral. In the US, the agent of rigging markets began quietly with the imposition of the Federal Reserve System in 1914. In the last twenty years, the intrusion has come remarkable. And the recent increase in intensity of intrusion is vividly confirming that the theories are not working. The next credit crisis will severely reduce belief in central banking. That would be for those outside the system who have been the innocents. Many central bankers, who have been the instigators of instability will suddenly lose belief in their own powers.
That a central bank bent on intrusion would work is, itself, a speculation.