"Mister Trump will be no more to blame than Mister Hoover but, as the present economic cycle will reach the tipping point on his watch, there can be little doubt as to who will receive the blame. Just as in 1929, the tail will blindly be pinned on the elephant, not the donkey, and a long era of increased collectivism will be heralded in."
Most financial journalists are not good, and in fact are wedded to a pro-Fed, pro-state ideology that subconsciously permeates everything they write. They are hopelessly unobjective, the naive products of their education and training. The world needs real diversity of thought and opinion, not the fake kind being discussed at the Fed.
As flyover America has been suffering economically for many years, these Americans were immune to the oligarchy’s anti-Trump propaganda. However, everyone else in the country was taken in by the propaganda - liberals, progressives, the remnant of the leftwing - and the lies continue...
On this Thanksgiving, no matter how hard it may be to avoid getting into a heated political with friends and family, be thankful that at least the holiday itself is no longer marred by partisanship. After all, holidays should always be about time enjoyed with loved ones, far beyond the machinations of government tyrants.
German finance minister Wolfgang Schäuble warns the UK faces stiff rules on tax breaks and prolonged EU payments. Such threats are nothing more than an extortion attempt by the EU on the UK. Schäuble’s threats are laughable because they are unenforceable, yet extremely serious because of likely end results of a Smoot-Hawley style global deflationary collapse.
No one can assert Lincoln or FDR united all Americans in a common cause. Grey Champions are not universally adored or defended. They aggravated societal pressures that had been ignored or deferred by their predecessors. Compromise was not an alternative for these men. Grey Champions have a particular set of personality traits making them well suited to lead during a Crisis. They have the facility to overlook the complexities of life and focus on one simple imperative: society must prevail.
Australia’s trade minister announced “Australia would work to conclude new agreement among 16 Asian and Pacific countries that excludes the US.”A trade deal 11 years in the making is now dead. Don’t blame Trump. TPP died on its own merits.
In the latest reminder that 7 years after the financial crisis, the US banking system still remains a systemic risk, Minneapolis Fed President Neel Kashkari today released four-step plan to end too-big-to-fail problem. The reason for the proposal: America's "biggest banks continue to pose a significant, ongoing risk to our economy" and "One analogy that helps highlight the trade-off of costs and benefits is the risk of terrorism."
In what may be bad news for the financial sector, after opposition to grassroots as well as Congressional republicans, Trump appears to be tempering expectations of a full Dodd-Frank repeal, and according to the WSJ, Trump’s transition team is instead focusing on "rescinding or scaling back individual provisions."
Economic policy objectives (monetary and fiscal) are meant to incentivize domestic private business investment, which drives incomes and the money multiplier effect, i.e. the engine of the economy. Economic policy objectives have failed because CEOs, the private capital allocators, simply cannot accommodate business investment when the demand function is as weak as we currently find it, no matter how available and how cheap the capital.
Donald Trump's election as next US president has given the gold price a short-term 'uncertainty' trading boost. However, Trump's keen interest in the gold standard is a trend worth watching over the next 4 years.