|

US: Politics as usual

Despite the majority of the Senate voting 54-to-35 in favor of establishing a bipartisan commission to investigate the January 6th assault on the Capitol, the Senate rules overrode the will of the majority. In so doing, the Senate kiboshed the effort to better understand how this fiasco became a reality and what we might be able to do to avoid its recurrence.

I have to admit to being somewhat ambivalent about the outcome of this vote. I’m ambivalent because I feel like we shouldn’t need a bipartisan commission… but we do!

On one hand, given the partisan divide in this country, having a bipartisan assessment as to what happened and why might be expected to shift the needle and (hopefully) move us closer to a more unified view of our history; but on the other hand, what are we going to learn that we don’t already know? Is there anyone out there who seriously doubts how this attack came about or who should be held accountable? Also, is there any question as to appropriate prophylactic measures that should be adopted to safeguard our democracy from a repeat of a similar heinous performance by another unhinged, violent mob?

For those who haven’t been able to connect the dots, let me spell it out for you: Donald Trump and his enablers were responsible. They perpetuated the big lie that Trump won the election, attributing the plurality of votes for Biden to voter fraud and a system of voting that couldn’t be relied upon. If we don’t want a replay of this baseless disregard of election results with recurring episodes of post-election violent attacks, the perpetrators of these lies need to be publicly repudiated.

Our democracy is in a state of vulnerability due to Trump’s lies; and failure to support a bipartisan commission to investigate and report to America on these issues serves only to preserve this deplorable status quo. How is that okay? The only way to disinfect this virus is to expose it to the light of reason. Sweeping it under the rug is unacceptable. We need a truth commission, with the coincident commitment to call out those who fail to embrace the truth as the dangers to our republic that they are. Presumably, that’s what this bipartisan commission would have done. Without it, ongoing cynicism relating to election results and reprises of violent attacks seem all but inevitable.

Whatever political differences that exist between Republicans and Democrats in any other realm of policy notwithstanding, when it comes to protecting our democracy, you’d think that the two parties could recognize the common good and act accordingly. Instead, we have a Republican party that is cravenly putting party over country. We might like to hope that our political leaders are better than that, but under the current Republican leadership, that hope seems more and more like an unachievable dream. It’s time for reasonable, patriotic Republicans to demand better from their leaders. Our future depends on it.

Author

Ira Kawaller

Ira Kawaller

Derivatives Litigation Services, LLC

Ira Kawaller is the principal and founder of Derivatives Litigation Services.

More from Ira Kawaller
Share:

Editor's Picks

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans. 

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.