Daily Archives: October 17, 2013

For the past 20 years, American politics has been defined by Republican revolt. The rightwing radicalism that now worries the whole world first emerged in response to Bill Clinton’s election in 1992. It is not that Republicans were never extreme before that time; their challenge to the legitimacy of federal authority traces back to proslavery attempts at nullification and segregationist assertions of states’ rights. But it was 20 years ago that the Congressional wing of the Grand Old Party, led by Newt Gingrich, adopted belligerent non-co-operation as its defining stance. Read more

Can you hear the sound of cans being kicked down the road? The US disaster scenario has been avoided, for now. But given the deep disagreements between Democrats and Republicans and the even deeper divisions within the Republican party, we may end up going through the process all over again early next year.

If it had been any other country than the US, we’d all have had a good laugh before putting our money elsewhere. The guilty nation would have faced a much higher cost of credit and a much weaker currency. Read more