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Warnings to Heed and Actions to Take: Meet the New Swan, Same as the Old Swan

Monday, September 16, 2019 18:25

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“Warnings to Heed and Actions to Take:

Meet the New Swan, Same as the Old Swan”

by David Stockman

“Oil that is, black gold, Texas tea.”

– Paul Henning, “The Ballad of Jed Clampett” (1962)

“Turns out the Donald doesn’t need John Bolton to get a new war stirred up in the Middle East. And, perhaps, the Orange Swan has been upstaged by a… Black Swan. As Danny Sjursen noted on the Future of Freedom blog, “The President of the United States has no coherent foreign policy. Period.” His naivete means petro politics is as fertile ground as ever for Warfare State narratives. “At times,” Sjursen writes, “Donald Trump talks sensibly about pulling out of quagmires in Syria and Afghanistan, while simultaneously ratcheting up threats against America’s favorite (at least since 1979) punching bag – Iran.”

He fired John Bolton. But he continues to retain another of “the most hawkish of Iranophobes,” Mike Pompeo. As is/was the case with the former National Security Advisor, the Secretary of State’s “never seen a problem they couldn’t blame on Iran or a solution that didn’t include regime change.” Almost on cue, drone strikes allegedly from Iran have crippled 50% of Saudi Arabia’s oil production.

But the Tweeter-in-Chief wants you to know there’s “PLENTY OF OIL!” Meanwhile, he’s waiting for marching orders from the House of Saud.

That the stock market continues to levitate is a testament to decades of central bank madness. Record highs for the equity indices are not endorsements of the Donald’s toxic mix of Trade War, Fiscal Debauch, and Easy Money. Folks, MAGA is a crock. And I’ll be exposing it in my Keynote Address – “After ‘Peak Trump’: Charting Uncharted Waters” – at the 2019 Irrational Economic Summit October 10-12 right outside Imperial Washington.

The Dow Jones Industrial Average’s run of eight straight positive trading sessions will likely come to an end today; it’s down about 125 points about two hours shy of the closing bell. As I note in the September issue of “The Stockman Letter”, “It’s a whole new ballgame, folks.”

Jerome Powell’s mid-summer capitulation removed any and all doubt that the Federal Reserve stands ready to backstop all any and all losses Wall Street might suffer. That’s despite the mounting evidence demonstrating that suppressing the cost of money does nothing but enrich those fortunate enough to own a lot of financial assets. It does nothing for Main Street. In fact, easy money is killing America’s middle class.

Well, in his first official note as The Stockman Letter’s chief analyst, Michael Coolbaugh explains how we can take advantage of the chaos created by the Fed and its fellow travelers around the world. In addition to his Tuesday commentary for Deep State Declassified, Michael is now writing the Main Street Beat column for The Stockman Letter. His mission is to help us navigate a volatile market in a smart way, with a method that allows us to both protect and build wealth over time.

As Michael notes in this month’s commentary, we remain on guard for what’s shaping up to be a crisis beyond anything anyone alive has experienced. Pressure continues to mount. But trends continue to develop and dissipate. And prices continue to rise and fall. This month, we’ll begin to navigate all that a little more actively.

In this month’s Wall Street Wire, I note that one of Wall Street’s most prominent perma-bulls said on Bubblevision that $17 trillion of subzero yields is a “wonderful” thing. Think of the “stimulus” to housing that’ll happen when mortgage rates reach 0.5%…

Another way of looking at it is that virtually the entire U.S. Treasury yield curve out to at least 10 years would be negative in nominal terms. More and more, “investors” are paying governments for the privilege of loaning them money. They’re embracing a return-free risk in the hope politicians will stick to the straight and narrow, fighting temptation and fending off excuses not to pay back even their principal. I’ll take the “under” on that, of course.

But the bigger point is we’ve reached the crazy-town stage of this bubble’s cycle. You need look no further than the mundane world of labor statistics for proof. In fact, in this month’s Word From Imperial Washington, I take apart the Bureau of Labor Statistics’ employment situation report for August.

Why anyone thinks the headline jobs count tells you anything meaningful about the actual state of America’s $21 trillion economy is hard to fathom.

If you get beyond what Imperial Washington wants the Mainstream Media to tell you, August’s BLS report provides still more evidence that this 121-months-old “recovery” is fast approaching expiration.

Leviathan gets bigger, Wall Street gets richer, and Main Street… well, Main Street gets more and more little every day. We’re rapidly approaching the end of the oldest, weakest economic “recovery” in American history. At this major tipping point, there’s no telling what the Donald’s great disruptions could do to your wealth.”

- http://deepstatedeclassified.com/

Source: http://coyoteprime-runningcauseicantfly.blogspot.com/2019/09/warnings-to-heed-and-actions-to-take.html

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