A comment by Ernst Wolff.
For weeks, no other topic has dominated the mainstream media as much as the Democratic impeachment proceedings against the Republican US President Trump.
The hearing of witnesses to the charge is broadcast live on almost all TV channels and on numerous websites on the Internet, and representatives of the opposite side also have ample opportunity to put forward their arguments.
The whole thing looks like a professionally produced Netflix series and is obviously intended to make viewers believe that sincere people are making every effort to protect their endangered democracy.
In fact, however, the process reveals in an increasingly open way an abyss of corruption, favouritism and nepotism – on both sides.
The accused is Donald Trump, a president who presents himself as a victim of a conspiracy and pretends to be an opponent of the elites, even though his tax and income policies have ensured that the wealth of the ultra-rich has increased more than ever before during his term in office.
The plaintiffs are Democrats who are calling for a more aggressive policy towards Russia and who are constantly trying to distract attention from the fact that their former vice-president Joe Biden abused his office to get his son a highly paid job in Ukraine.
But why are the two big US parties embarking on a public trial in which so much filth is stirred up that it can only harm both of them?
Most probably because Republicans and Democrats agree on one point despite all their political opposition: Their unconditional submission to the interests of Wall Street’s big banks and hedge funds. They are in extreme trouble and desperately need political support to distract the public from their behind-the-scenes machinations.
Here is the background:
This year the US Federal Reserve has abandoned its attempt to raise interest rates and pump less money into the system. Instead, it has cut interest rates twice and used more than $3 trillion to keep the system alive.
The concrete reason for the money injections was turbulence on the so-called repo market, where the major US banks and hedge funds supply themselves with fresh money. Although the FED immediately announced that this was only a temporary problem, it has not yet been solved. On the contrary, almost three months have passed since then, in which the FED had to intervene day after day with freshly produced money.
Since those responsible are not prepared to reveal to the public who they are giving the money to, all kinds of speculation is going on in financial circles. Two hypotheses seem the most likely: Either one of the giants on the money market – J. P. Morgan, HSBC or Deutsche Bank – is in such great difficulty that it has to be supported with massive payments, or one or more hedge funds have been caught speculating in the derivatives sector.
Whatever the variant, or whether there may be some other reason, the global financial system is obviously once again hanging by a thread and financial institutions considered too big to fail are being rescued by the vast sums of money provided to them by the US Federal Reserve at a time when social inequality in the US is exploding, infrastructure is falling apart and the Washington government is working on a plan to exclude three million US citizens from food vouchers.
What could be more helpful to Wall Street in such a situation than a pompously staged impeachment procedure that absorbs public attention to such an extent that hardly anyone is still concerned with the self-service mentality of speculators, the injustices in society and the imminent next wave in global financial tsunami…?
Thanks to the author for the right to publish.
Picture reference: Michael Candelori / Shutterstock
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