From their front porches, regular citizens watched a cordon of cops sweep down their peaceful street in Minneapolis, Minnesota. Rankled at being filmed, the cops exceeded their authority and demanded that people go inside their houses. When some of them didn’t obey quickly enough, the order — one heard so many times in the streets of Iraqi cities and in the villages of Afghanistan — was issued: “Light ’em up.” And so “disobedient” Americans found themselves on the receiving end of non-lethal rounds for the “crime” of watching the police from those porches. It’s taken years from Ferguson to this moment, but America’s cops have now officially joined the military as “professional” warriors. In the wake of George Floyd’s murder on May 25th, those warrior-cops have taken to the streets across the country wearing combat gear and with attitudes to match. They see protesters, as well as the reporters covering them, as the enemy and themselves as the “thin blue line” of law and order.
The scapegoating has already started. In almost every sector of the economy that is collapsing, the claim is that “everything was fine until the pandemic happened”. From tumbling web news platforms to small businesses to major corporations, the coronavirus outbreak and the national riots will become the excuse for failure. The establishment will try to rewrite history and many people will go along with it because the truth makes them look bad. And what is the truth? The truth is that the U.S. economy – and in some ways, the global economy – was already collapsing. The system’s dependency on ultra-low interest rates and central bank stimulus created perhaps the largest debt bubble in history – the Everything Bubble. And that bubble began imploding at the end of 2018, triggered primarily by the Federal Reserve raising rates and dumping its balance sheet into economic weakness, just like it did at the start of the Great Depression. Fed Chair Jerome Powell knew what would happen if this policy was initiated; he even warned about it in the minutes of the October 2012 Federal Open Market Committee, and yet once he became the head of the central bank, he did it anyway.