We're living in a magical kingdom with a demented guide

 

The irreplaceable Jonathan V Last at The Bulwark captures the complete lunacy that the madman in the White House and his billionaire buddies have led us into with his Iran debacle

Markets 

The funniest part of this whole thing—the real sorcery—is that the world’s financial markets agree that we’re in a great place and the current status quo is amazing.

America and Israel launched our war against Iran on February 28. Since then,

• America spent in the neighborhood of $30 billion on the war.

• The world experienced the worst oil shock in recorded history.

• Inflation is running very hot.

• There’s been something like $58 billion in damage to infrastructure in the Middle East, which has curtailed industrial outputs independent of the shipping crisis.

• Global companies have lost at least $25 billion in revenue because of the war.

And yet the S&P 500 is . . . up since the war started? Way up?

It gets better! In two days’ time, we will have the biggest IPO in history. SpaceX will shatter records. It will be valued at close to $2 trillion dollars. It will make Elon Musk the world’s first (acknowledged) trillionaire.

It’s going to be the most obscene financial orgy in a century. Like watching John D. Rockefeller and Louis XIV spit roast Caligula.

Iran and the SpaceX IPO are the same thing. Magical thinking. ...

We apparently have an appetite for this sort of thing. Until we don't. Neither Louis XIV (felled by senile gangrene) nor Caligula (killed by associates) ended well. 

Death of Caligula

The American republic, eventually, broke up John D. Rockefeller's oil empire by court order in 1911 and he went on to invent modern foundation philanthropy, for good and ill.