I like Tim Pool, and I think his reporting is generally quite good, so I’m definitely following him in the wake of the ongoing banking collapse here in the US. But I must respectfully disagree with him on one important point:
The banks aren’t failing because they went woke. They went woke because they were already failing. The financial system broke in 2008, and all the major players have been insolvent ever since—including our own government.
When a major corporation or financial institution “goes woke,” they are essentially buying an informal insurance policy by getting in line with the agenda being pushed by the major powers that be. They aren’t true believers. “Woke insurance” is a thing, and a sign as sure as anything that the institution is going stagnant.
But no, our society isn’t falling apart because we are going woke. We are going woke because our society is falling apart.
I must respectfully disagree the cause of the 2008 financial crisis was wokist policies.
Bill Clinton’s administration turned the Carter administration’s 1977 Community Reinvestment Act into an aggressive program that basically forced banks to lend money to so called underserved communities.
That functionally meant those with low incomes who couldn’t and in many cases just wouldn’t repay a loan.
This contributed primarily to if it did not directly cause the Great Recession!
Then like a replay of FDR’s administration With the great depression Obama’s Administration made the Great Recession last longer in the United States than any other country in the world.
Those are interesting points. However, without the low interest rate policies of the Greenspan Fed, or Nixon’s decoupling from the gold standard in 1971, there wouldn’t have been as many dollars chasing borrowers. Also, without the unhealthy expansion of the derivatives market (which happened under Democrat and Republican adminstrations alike), the housing collapse wouldn’t have caused such a complete collapse of the financial system.
And if we really want to dig into the root causes of things, the 1913 Federal Reserve Act is what got us into this whole mess to begin with, and the reason why we no longer have any honest money in this country. And that predated the woke movement by several generations. In fact, I would argue that if we still used honest money, none of these woke ideologies would have taken hold in our society at all, because honest value rewards honest labor and keeps our markets free.
It is impossible to have a free market when the price of money is centrally controlled. So long as the Federal Reserve sets the price of money via interest rates, what we call “capitalism” is really just socialism for the rich and capitalism for the poor. So really, we’ve been going broke as a country since the Federal Reserve has controlled our monetary system. Go broke, get woke.