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Online Savings & Money Market Account Rates 2022

Online Savings & Money Market Account Rates

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A Moment of Crisis

After only a few days of the Trump administration, led by an unstable president and his frightening trio (Bannon, Flynn, and Conway), the country is spiraling out of control.  Strikes and protests abound throughout the country and abroad, and NATO countries, equally in shock, are already voices in the wind.  The US has never faced anything like this before, and its systems of checks and balances have already proved to be impotent. 

Congress continues to be the domain of fools and self interests.  The Supreme Court is unaccustomed to independent action.  The people are divided.  Our political systems were not built for what has effectively happened – a coup d’etat supported by a foreign foe, disguised as a presidential election.

We are in uncharted territory.  The first thing we must do is recognize fully that this is an unprecedented moment.  And, more important, a very dangerous moment.

The second is to look for some, as yet unidentified entity or group, that can lead the way out and protect the nation from disaster.  One that has yet to surface but could so do would the formation of The Council of Presidents, composed of the three last legitimate presidents of the United States – George W. Bush, Bill Clinton and Barak Obama.  These leaders, standing as a single voice and an informed group, need (1) to join together in a single voice and (2) to stand as a new and strong body taking control and leading the way out of this crisis.  As a group, they could lead the country, Congress and the Courts to take quick and effective action to put this coup down.

And, as a third step, while we support and assist necessary and an unprecedented action such as The Presidents' Council, we must look inward and move to protect our individual best interests.  The stock market has been surprisingly slow to realize what is happening, succumbing to unrealistic promises, and is just beginning to turn down.  This is the moment to reduce, if not sell entirely all positions in the market and to seek cover in cash, metals and federally insured bank products.  In days, it will be too late.

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Irrational Exuberance

In 1996, when the then Federal Reserve Chair, Alan Greenspan coined the phrase “Irrational Exuberance”, it troubled folks but also incorrectly forecast a precipitous drop in the markets.  It took another three years. 

It doesn’t take a Federal Reserve Chair to see it again, and it will not take three more years for the markets to drop like a lead balloon.  In fact, it’s hard to believe that any serious investor watching Donald Trump’s early moves, especially those decimating key international trade pacts, would not immediately bail out and take refuge in insured cash accounts, and perhaps some gold and diamonds too.

We surely are fooling ourselves, believing that lower corporate taxes and fewer restrictions will boost the economy and lead us all down the road to riches.  Cooler heads can look beyond the hype and realize that constraints on manufacturing lower cost goods abroad and on selling worldwide thanks to multinational trade agreements represent the bulwarks of our 21 Century economy.  Withdrawing inside our borders will kill our economy.

We are decidedly blinded by irrational exuberance.

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Heads in the Sand

We all, everyone of us, have our heads in the sands.  Most of those who voted for Trump have yet to realize what they have wrought.  But they will.  The rest know now, but are unable to face the reality of it all. 

In fact, we are all trying with every fiber in our hearts to ignore the catastrophe that is about to happen.  It’s like an entire people in a sleep walk.  And that’s in the United States.  Beyond our borders, the populations of our allies are stunned too, contemplating the end of the world order as we know it.

And then John Lewis says the obvious, Trump put him down, and there is silence again.  We are a people in line, awaiting our turn in the crematoria.  We are too stunned and too afraid.  Too afraid even to think of parents, grandparents, children, grandchildren. 

We have brought this about ourselves.  We are not bold, daring and willing to put ourselves on the line – to confront the monster.  We have convinced ourselves, because it is the easiest thing to do, that there is nothing that we can do. We the people – the population at large and our leaders – are hiding behind a veil of silence. And, that very silence has drowned John Lewis. 

And, there is no other voice, and the silence is deafening.

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