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The War Inside the Donald

Friday, August 23, 2019 17:57

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“The War Inside the Donald”

by David Stockman

“God creates out of nothing. Wonderful, you say: yes, to be sure, but today he does what is still more wonderful: he makes saints out of sinners.”

–Søren Kierekegaard, “The Journals of Søren Kierekegaard” (1938)

“What happens when the world’s central banks find the end of their race to the bottom? Well, it’ll be ugly. And we’re getting there as fast as the President of the United States can thumb out a tweetstorm or two… We’ve discussed the $14 or $15 trillion (it may even be $16 now) of investment-grade bonds trading with negative yields in real terms. That’s 25% of all investment-grade bonds. Did you know that $30 trillion of the $60 trillion total bond market bear yields lower than prevailing inflation rates?

Our monetary central planners have destroyed the bond market. Now, they’re poised to go the rest of the way and drive real rates negative across the entire planet in a futile effort to resuscitate a dying business cycle. Recovery for Main Street won’t be among the consequences.

Yet, here we have the Tweeter-in-Chief, exhorting Jerome Powell for more easy money… “Now the Fed can show their stuff!” he blurted this morning, shortly before the Chair of the Federal Reserve addressed the Jackson Hole Economic Symposium. Not pleased with what his man had to say, the Donald wondered, “My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?”

The Donald’s attacks on the Fed are without precedent, of course. If you think he’s overly strident and ridiculously blatant today, just wait until the 21st century’s third great bubble cracks. Imagine his Twitter feed as the Dow Jones Industrial Average plunges, job losses mount, and gross domestic product shrinks. (And he’ll take a bow for making FDR’s infamous 1937 attempt to pack the Supreme Court look like a simple matter of adding a new-to-the-neighborhood kid to the local little league squad by comparison.)

There’s no mystery about why we’re headed where we’re headed. America is caught up in a monumental economic and financial fantasy that’s one market meltdown away from collapse. If it happens during the next 15 months, the Donald will take the blame, fairly or not. And he’ll be hounded from office in a landslide in November 2020, whether the Democrats run Sleepy Joe or Mickey Mouse.

The Donald is a dummkopf when it comes to economics, finance, and most other policy matters. But he is a proven genius when it comes to survival. And he knows full well what’s at stake in November 2020.

It’s not just that he’ll be hounded from office in a landslide should the bubble break on his watch. It’s that, if the Democrats win, he’ll be viciously prosecuted. And he’ll probably spend the rest of his days in the Big House. That’s why the Donald’s other – and intimately related – great talent is so critical. He’s also a take-no-prisoners street fighter par excellence.

And when the Dow Jones, jobs data, and GDP begin to falter even modestly, he’ll be off on relentless, incendiary, bellicose attacks on the Fed… Democrats… Bubblevision… the Fed… The Donald will destroy anything the Donald must to ensure the Donald’s survival. That process will have multiple consequences – intended, unintended, some completely unheard of…

Whatever he accomplishes during his flukish tenure in office, the most important, by far, will be to puncture the hoary notions of independence and expertise that underpin the Federal Reserve. The Federal Reserve is not some college of monetary cardinals. These folks are not possessed of singular skills and surpassing virtues when it comes to the art and science of financial and economic management. Nor are they far above the fray of the coarse politics that attend to ordinary democracy.

The real issue is that the Fed is no more essential to American prosperity than the Tea Tasters Board of yore. And, still, it’s the most base, arrogant, power-aggrandizing institutions ever to rise on the landscape of modern governance.

Contrary to the myth of apolitical technocracy, the Fed is political from top to bottom. Its politics are those of an elitist economic ideology rather than the rambunctious partisanship of Democrat versus Republican, Blue versus Red.

For the most part, the latter kind is a relatively harmless indoor sport – it’s great for ratings. It’s important to remember, though, that the Founding Fathers were skeptical of – if not downright hostile toward – the state. That’s why the confected a federal machinery that slouched toward inertia and inaction. James Madison’s genius was to create a forum for the demos to let off steam, not to build a colossus astride the liberty and enterprise of a free society. They sure as sh*t didn’t anticipate the creation of an all-powerful central bank entirely outside the layers of checks and balances restraining other, enumerated branches and institutions they made.

The Fed embodies a shadow duopolistic dictatorship. It’s run by an unelected, self-perpetuating elite. It’s a monetary politburo. Dictatorships everywhere, and always fail because they offend the natural rights and liberties of free peoples. They’re also incompetent when it comes to economy. That’s the heart of the matter. That’s what the Donald – even for all is bile, bombast, braggadocio, and bullshit – gets at a fundamental level… And it’s what’ll make him the Great Disruptor.”

- http://deepstatedeclassified.com/

Source: http://coyoteprime-runningcauseicantfly.blogspot.com/2019/08/the-war-inside-donald.html

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