BLUF:[Of Two Minds] America's elites are fracturing along multiple tectonic fissures: while the conventional media focuses on the ginned-up bread and circuses of Red and Blue political games (i.e., The Purple Empire), the real conflicts are within the camps running the Red and Blue games, the Imperial Project of global hegemony (a.k.a. The Deep State), the New Nobility of Big Tech attempting to overthrow the Old Nobility, the Nationalists versus the Globalists and the Financial Gamesters versus The New Foundation.
These are my informal acronyms, of course, but the conflicts are real and intensifying as extreme policies reach new extremes and the risks of breakdown increase.
The most dangerous elites are the ones clinging to the perverse but compelling faith that the Federal Reserve and Treasury can conjure endless trillions of U.S. dollars without any consequence other than continued global hegemony, the faith that the Federal Reserve has god-like powers to tweak the dials so that 1) the U.S. dollar remains the pre-eminent reserve currency 2) but not so strong that it sinks the emerging market economies and 3) magical enough that there are no limits on how many can be absorbed by global stock, bond, debt, risk and commodity markets and 4) remains the primary method of limiting the global financial leverage of geopolitical rivals. Uh, sure. No problem, the Fed is all-powerful, right?