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"Donald’s Right- The System Is Rigged"; "An Open Letter to Donald Trump"

Wednesday, October 19, 2016 12:17

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“Donald’s Right- The System Is Rigged”

by Bill Bonner

“For weeks, the top news headlines have been about politics. And politics has been all about the Republican Party candidate for president of the United States, Donald Trump. The Establishment, the media, and most right-thinking people look around and sniff the air. Something stinks. And the smell, they say, is coming from that skunk, Trump.

Meanwhile, Hillary, all greased up with expensive perfume, glides by- all her double dealing…her millions in Wall Street speaking fees…her crony friends and supporters. She and her husband have a net worth of $50 million- after a career spent devoted almost entirely to ‘public service’. Who asks where the money came from? Instead, the headlines are all about poor Donald.

Scams and flimflams: For better or for worse, the 2016 presidential campaign was all about him. Not about his policies. Not about calm analysis of what was wrong and how it could be fixed. It was always about him. And now, the nation’s attention is still focused on him and his peccadillos…rather than Ms Clinton and her scams, corruptions, and Deep State flimflams.

‘Remember, it’s a rigged system. It’s a rigged election,’ said the candidate over the weekend. Is the election really rigged? Probably not in the way Mr Trump intends listeners to believe. But the ‘system’ is so rigged that the election results hardly matter.

A real conservative would shift the debate away from fanny pinching and other ungentlemanly comportment to how it is rigged. Americans want to know. How come the economy no longer grows as it used to? How come most Americans are poorer today than they were in 1999? How come we no longer win our wars? He would explain to listeners that much of the rigging took place while Hillary and Bill Clinton were collecting more than $150 million in speaking fees, telling us how to improve the world! Then, he would help listeners put two and two together- explaining how the fake dollar corrupted the nation’s economy…and its politics, too. And he would offer real solutions.

As it is, nobody seems to care. Not the stock market. Not the bond market. Not commentators. Not Hillary. Not Donald. Nobody.

Dark movement: As long-suffering Diary readers will know, the global economy now depends on three things:
• Rising US asset prices: The world’s wealthy have parked much of their money in American lots.
• Low consumer price inflation: If inflation rates spike unexpectedly, the bond market will implode… Trillions of dollars of imagined wealth will be lost.
• China’s economy: China is the No. 1 buyer of commodities and the No. 1 shipper of finished goods… When it goes down, so do a lot of other things.

Let’s look at them in order…

US markets will remain stable until they become unstable. That pretty much sums it up. When the next crisis will come is anyone’s guess; we’re surprised it hasn’t already come. But there is a dark movement afoot for the world’s central banks to buy stocks in addition to the bonds they’re already buying under QE…and in almost unlimited quantities. (See our comments on former Treasury Secretary Larry Summers’ wacky proposal here.)

That may help keep stock prices high and maintain the illusion of stability. As for higher levels of consumer price inflation, they are surely coming, too. But not necessarily anytime soon. With the economy slowing, the velocity of money- the rate at which money is used to buy and sell stuff- tends to slow down, too. The fewer transactions there are, the less upward pressure there is on prices. Plus, wages are more or less stagnant or falling in the developed world. And there is still a huge supply of labour available in the developing world for less than $20 a day.

If we’re waiting for labour costs to push up consumer prices, we could have a long wait.

The China factor: Which brings us to China… An alarming headline in Friday’s Financial Times warned us that ‘China exports fall sharply as concerns over demand grow.’ Chinese exports are falling- in dollar terms- at a rate of 10% a year.

China buys raw materials. It sells finished products. It is the greatest ‘export-led’ success story of all time. But if China can’t sell its products, it can’t afford to buy resources…resource prices plunge…and consumer prices follow…aggravating weak demand with lower prices…falling money velocity…gloom, doom…recession, depression…and worldwide deflation… Then, as the world’s attention is fixed on the sordid business of the US election, with its contest between reality-TV Big Shot Donald Trump and Deep State Shill Hillary Clinton, the world economy wobbles. Stay tuned…”

- http://www.dailyreckoning.com.au/

◆

“Here at the Diary, we always take the side of the underdog, the diehard, and the lost cause. Donald Trump may be all three. So today we extend a helping hand with an open letter to the Republican presidential candidate…

An Open Letter to Donald Trump

Dear Mr. Trump,

First, we would like to apologize for all the insightful and well-informed things we have written about you. (Catch up here, here, and here.) But please keep in mind the context in which those remarks were made. Honestly, we think you’re tremendous. Tremendous. We love you. You are an imbecile, it’s true. But at least you are not a conniving, power-grasping, finger-pointing harpy.

You at least have the virtue of ignorance. You seem to have no idea what you are doing- like an oversized plant in the lobby of the Eccles Building with no clue about what really goes on in the offices above you. So, of the two candidates, you are probably the least repulsive in many ways. It is hard to tell.

Second, our reason for writing is to help you… You may recall that when Mr Bernanke gave up his post at the Fed, our name was mentioned. Not positively, of course. But what do you expect? Our central bank has been taken over by delusional economists who believe they can improve on the workings of a free market by fixing the price of credit. So, anyone close enough to the Fed to have an opinion about the next chief is by definition a fantasist. That is why I would like to offer you an alternative…

I recognize that there is little chance you will be elected because of the amateurish and brutish way you have conducted yourself- both during the campaign and during your entire life (if you don’t mind us saying so).

You claim the ‘system is rigged’. But you never seemed to understand how. You never mentioned that the economy has been distorted by fake money (the purely paper fiat dollar). You never understood how the political system was perverted, either. You never bothered to explain how Ms Clinton, her husband, and the entire Deep State establishment corrupted the nation…or how they profited from it. Ms Clinton had to be the biggest, easiest target a politician could ask for. Just look at today’s front page of USA Today. And you missed! And you never offered a single coherent proposal for correcting these things.

This left the dunderheads in the press to focus almost exclusively on ‘character’ issues- you know, like using your celebrity status to get away with groping women against their wishes…or using an almost $1 billion tax-loss carryforward to avoid paying federal income taxes for over a decade. (Speaking honestly…man to man…we sympathize with you on these issues. Although we’ve never had the cojones to grab a woman’s derriere uninvited, we’ve also never seen a tax loophole that we didn’t want to kiss, grope, and fondle.)

In any event, it is in the spirit of ersatz helpfulness and civic mischief that we write to you now. We would like to help you shift the focus of the press coverage from the Flawed Person to the Solid Plan.

The problem was always painfully obvious: You didn’t have a plan that was worth a damn. That’s why you were always humming and faking…improvising…making it up as you went along. That got you the support of people who wanted a ‘strong’ personality on the national stage…someone unfettered by real thought or study. But, sadly, it left the cameras looking at your head rather than Hillary’s…and at the hole where there should have been a real plan…rather than the insidious, parasitic, larcenous, but nevertheless real, plan of your opponent.

You probably have no idea what we’re talking about. You’re a dealmaker. A promoter. A showman. An impresario. A real PT Barnum. A lion tamer and a freak show in one tent. Those qualities keep you in the media spotlight. And they have made you the choice for voters who hate Hillary and her Establishment chums. But those qualities aren’t enough. The decline of the US has nothing to do with ‘bad deals’. It is not because China makes things cheaper than we do. It is not because Mexicans come to the US…or because extremist Muslims blow each other to bits.

And now, as more and more people see the caddish clown you really are (sorry, but this is no time to mince words), you may be going down in defeat. And yes, you can blame the Republican Party, The New York Times, and the rest of the mainstream media for your fall in the polls, but they will be laughing all the way to the inaugural ball.

The nation, meanwhile, will be stuck at least for four years- and probably eight- with the Clinton-Bush-Deep State cabal.

Here with an alternative: You are right. The system is rigged. It’s time for a change. Announce a Plan for Real National Renewal. A bold plan. One that will deflect attention away from your character and onto something that really matters. It has three simple points:

• Honest money- Re-establish a gold-backed dollar. Abolish the Fed.
• Smaller government- Cut taxes by 50%. Balance the budget.
• Bury the Deep State- 1 and No. 2 above ought to take care of it.

That should be enough. Real money and a balanced budget will force big cutbacks. The pointless wars will end. The misallocation of precious, scarce resources will be greatly reduced. People will once again borrow, lend, spend, and invest real money…carefully. Real wealth will increase as a result. And it should win over the intelligent voters who have thought these things through- both of them.

Oh, yes…and one more thing: Make sure you have a good insurance plan. We wouldn’t want to see Melania and the kids suffer too much after the Deep State guns you down.

Yours helpfully,

Bill

PS: In the unlikely event that you win, I am available for the top job at the Fed.”
- http://www.dailyreckoning.com.au/

Source: http://coyoteprime-runningcauseicantfly.blogspot.com/2016/10/donalds-right-system-is-rigged-open.html

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