The Golden Hammer Staff Reports
Washington, D.C., Austin, Conroe, January 8 – While politicians have conveniently attempted to label President Donald Trump and his conservative supporters as “insurrectionists,” “racists,” or “revolutionaries” for the small number of out-of-control protesters who stormed the United States Capitol on Wednesday, January 6, 2021, the real world has viewed the circumstances far more soberly.
American and world financial markets reflected the lack of care about the politician-induced chaos in Washington, D.C., or the pretextually-loud screams of Democratic House Speaker Nancy Pelosi, or her allies Senate Majority-Leader-Elect Chuck Schumer, or others in the neoliberal establishment calling for retaliation against Presidnet Trump and his political allies.
While Pelosi, Schumer, and even Transportation Secretary Elaine Chao, the wife of Senator Republican Leader Mitch McConnell, who resigned as Transportation Secretary yesterday claimed fear of President Trump and that he was unfit to serve two more weeks in office, the real world, which world business markets reflect simply didn’t react to the craziness of the “political class” and the liberal news media.
The TGH 25 Stock Index, one of the leading stock indices in the world, due to its careful design merely to reflect the strength (or weakness) of the American economy, reached a record high at the close of American financial markets at 4 p.m., Eastern Standard Time, yesterday, January 7, 2021.
The S&P 500 rose 55.65 points, or 1.5%, on Thursday to 3803.79, while the Nasdaq Composite jumped 326.69 points, or 2.6%, to 13067.48. Both indices closed at their first records of 2021. The Dow Jones Industrial Average also rose, adding 211.73 points, or 0.7%, to 31041.13, its second record close of the year.
Tech stocks led the market’s gains, with microchip companies notching some of the biggest climbs. Shares of banks broadly rose, with JPMorgan Chase notching the biggest gain of the major banks, up $4.32, or 3.3%, to $135.87. Tesla jumped $60.06, or 7.9%, to $816.04, pushing the electric-car maker’s valuation to $773 billion and making its Chief Executive Officer, Elon Musk, easily the richest man on Earth.
Shares rose in Asia on Thursday after Wall Street rallied on expectations of a strong world economy, regardless of the protests at the U.S. Capitol.
U.S. futures also were higher, with the contract for the S&P 500 up 0.6%. The future for the Dow industrials gained 0.5%.
The Nikkei 225 index in Tokyo gained 1.8% to 27,532.74. South Korea’s Kospi jumped 2.6% to 3,045.90 and the S&P/ASX 200 in Australia advanced 1.8% to 6,724.30. India’s Sensex rose 0.6% and shares in most other markets were higher.
Traders largely looked past the unrest that erupted in Washington and chose to look ahead to strong economic prospects as a result of President Trump’s wonderful leadership of the American economy.
Meanwhile, the neoliberal political establishment used the occasion to cry “wolf” for two days in response to the political events. House Speaker Nancy Pelosi said that any remaining day with the president in power could be “a horror show for America.” Likewise, Senate Democratic leader Chuck Schumer said the attack on the Capitol was “an insurrection against the United States, incited by the president,” and Trump must not stay in office “one day” longer.
Pelosi and Schumer called for invoking the 25th Amendment to the Constitution to force Trump from office before Biden is inaugurated on Jan. 20. In fact, Schumer said he and Pelosi tried to call Pence early Thursday to discuss that option but were unable to connect with the vice president.
The procedure allows for the vice president and a majority of the Cabinet to declare the president unfit for office. The vice president then becomes acting president. Pelosi said if the president’s Cabinet does not swiftly act, the House may proceed to impeach Trump.
With tensions high, the Capitol shuttered and lawmakers not scheduled to return until the inauguration, an uneasy feeling of stalemate settled over a main seat of national power as Trump remained holed up at the White House.
The social media giant Facebook banned the president from its platform and Instagram for the duration of Trump’s final days in office, if not indefinitely, citing his intent to stoke unrest. Twitter had silenced him the day before.
Facebook founder Mark Zuckerberg said “the shocking events of the last 24 hours” make it clear Trump “intends to use his remaining time in office to undermine the peaceful and lawful transition of power.”
Transportation Secretary Elaine Chao said Thursday that she is quitting her post, citing the “entirely avoidable” storming of the Capitol building. Chao is married to Mr. McConnell. Mick Mulvaney, the U.S. special envoy for Northern Ireland and the former White House chief of staff, quit as well. He told CNBC: “I can’t stay here. Not after yesterday.”
In Germany, whose modern system of governance was nurtured by successive American administrations, Chancellor Angela Merkel was unusually blunt Thursday, drawing a direct line from President Donald Trump’s refusal to concede his election defeat to the atmosphere that made the storming of the U.S. Capitol by his supporters possible.
“A fundamental rule of democracy is that, after elections, there are winners and losers. Both have to play their role with decency and responsibility so that democracy itself remains the winner,” Merkel said.
Even the United Nations, a bastion of dictatorships and repressive regimes, offered up the kind of statement usually reserved for fragile democracies, expressing sadness and calling on unidentified political leaders to foster respect for “democratic processes and the rule of law.”
In Iraq, where the violent U.S.-led overthrow of Saddam Hussein in 2003 led to years of sectarian conflict and a deeply flawed democracy, many watched and marveled at the scenes unfolding in Congress. Iraqis have suffered for years under power-sharing arrangements among competing elites divided along sectarian lines. Backroom deals are common to avoid political paralysis, and democratic ideals have been tainted by an entrenched system of patronage through which state jobs are doled out in exchange for support. Political parties also have affiliated militias that wield significant power on the street. From afar, the violence in Washington had a contemptible familiarity. “Iraq calls on the U.S. regime to respect the principles of democracy, or it will intervene militarily to bring down the dictator,” said Mustafa Habib, a well-known Iraqi analyst and researcher, in a tweet that mocked Washington’s actions abroad.
Venezuela, which is under U.S. sanctions, said the events showed that the U.S. “is suffering what it has generated in other countries with its politics of aggression.” Venezuelan President Nicolás Maduro has survived U.S.-backed opposition efforts to oust him despite accusations of human rights abuses, civil unrest and a humanitarian crisis that has forced millions to flee the oil-rich country.
While socialists, dictators, and repressors of men enjoyed a pretext to criticize President Donald Trump who has stood up to them for four years as President, world financial markets yawned and hoped for a continuation of the strong Trump economy.