Interest rates in the United States have fallen to minus 2% in real terms and are dropping into deeper negative territory with each passing month. This is a remarkable state of affairs.

It is clear that the US Federal Reserve is now trapped. The FOMC dares not tighten despite core inflation reaching 2.3% because it is so worried about tantrums in financial markets and about that other Sword of Damocles - some $11 trillion of offshore debt denominated in dollars, up from $2 trillion in 2000.

The Fed has been forced by circumstances to act as the world's central bank, nursing a fragile and treacherous financial system struggling with unprecedented leverage.

Average debt ratios are 36 percentage points of GDP higher than they were at the top of the pre-Lehman bubble in 2008, and this time emerging markets have been drawn into the quagmire as well by the spill-over effects of quantitative easing. Like it or not, the Fed is stuck with the task of cleaning up a global mess that is arguably of its own making.

The three big blocs of the world economy are all in a short-term cyclical upswing. My fear is that the Fed may have repeated the error made by Alan Greenspan during the East Asia crisis of 1998 when he slashed rates and held them too low for too long, fueling the dotcom bubble.

The paradox of the individualistic society is that it can only exist if individuals embrace virtues that are greater than their own needs and whims.

A society where each individual acts as a little tyrant, pursuing his desires with total selfishness at the expense of everyone else becomes collectivist as the little tyrants turn to a series of big tyrants to get what they want no matter who gets hurt by it.

As individual virtues and social compacts break down, selfish squabbles escalate. Tribalism turns into legal civil war. Laws become the means by which one group imposes its will on the other and by which one man seizes the property of another. The people come to view the system with contempt. All virtues and principles are abandoned as neighbor turns on neighbor in resentment and hatred.

Ideas can exist objectively. Feelings only exist subjectively. Identity politics resolves this problem by treating the objective response to feelings as privilege. But even subjective empathy can never truly approach the subjective experience of the crybully.

Even a member of that same identity group will differ in some way from the multiple intersectional identities of the crybully. And that difference is its own privilege. This isn't really politics. It's self-help narcissism crossbred with stale Marxism.

British computer scientists have devised a digital crypto-currency in league with the Bank of England that could pose a devastating threat to large tranches of the financial industry, and profoundly change the management of monetary policy.

The proto-currency known as RSCoin has vastly greater scope than Bitcoin, used for peer-to-peer transactions by libertarians across the world, and beyond the control of any political authority.

The purpose would be turned upside down. RSCoin would be a tool of state control, allowing the central bank to keep a tight grip on the money supply and respond to crises. It would erode the exorbitant privilege of commercial banks of creating money out of thin air under a fractional reserve financial system.  

“Whoever reacts too slowly to these developments is going to take it on the chin. They will lose their businesses,” said Dr. George Danezis, who is working on the design at University College London.

"My advice is that companies should play very close attention to what is happening, because this will not go away," he said.  Layers of middlemen in payments systems face a creeping threat across the nexus of commerce, stockbroking, currency trading or derivatives. Many risk extinction over time.

[This is the most eloquent and moving explanation of support for Trump I have ever seen. One caveat is that the GOP Elite does not run California, the Democrats do and totally. –JW]

During the most recent Detroit debate (3/03), even a reformed “inclusive” and “presidential” Donald Trump still was crass and vulgar. (Has a candidate ever crudely referred to the size of his phallus, and in our sick world is that a Freudian admission of doubt, or a macho reassurance in LBJ fashion?)

Trump gave more than enough evidence that his positions are liquid and change as often his perceptions of his flatterers and critics. He is a blank slate, who as president could build or tear down a southern wall with equal ease, depending on the dynamics of the political deal of the moment.

In the debate, in passive-aggressive fashion Trump pouted and pounced, furious that others had broken the Golden Rule and done unto him what he has done unto others. His entire moral universe is predicated on a preteen morality of liking those who praise him, and hating those who criticize him.

All that said, I doubt Trump will lose much of his 35-45% support in the next rounds of elections. There are quite understandable reasons why.

Today, Evangelical communities in the US number anywhere between 60 and 150 million people, depending on who is counting. They form the backbone of American support for the Jewish state. It is the support of the Evangelical community, rather than the Jewish community in the US that ensures that come hell or high water, no matter how Israel is demonized in the media and in academia, the majority of Americans continue to support Israel.

But will this support last?

One of the more surprising aspects of the 2016 elections is Evangelical support for businessman Donald Trump. Trump in many ways personifies everything that people who take the Bible seriously are supposed to oppose. He owns casinos. He curses and uses profanity in his public appearances. He has donated to Planned Parenthood and forcefully supported abortions on demand.

Trump has also insisted repeatedly that he will be neutral toward Israel.

Perhaps the most extraordinary aspect of Evangelical support for Trump is that he takes these positions as he runs against primary opponents who all wear their faith on their sleeves. All of his opponents have records of standing with the Evangelicals on social and other salient issues – including support for Israel.

What are we to make of this seemingly inexplicable phenomenon? To understand, the Christ at the Checkpoint conference taking place this week in Bethlehem is a good place to look.