Eric Idle: "I'd be proud to be thrown out of America"

Former Monty Python star and bonehead, Eric Idle, says he'd be proud to be thrown out of America. Is he here? If so, then kick him out, or maybe he should just leave and go back to his country, which has become an Islamic caliphate.

Do you see what's going on in Europe?

Europeans think they're so special and enlightened. I lived in Europe for 10 years. I know what it is. Get out if you don't like it here.

Trump should have allowed Israel to kill the fucking Ayatollah

Iran issues fatwa against Donald Trump: "Enemy of God"

Why did Trump let this piece of shit murderous cocksucker live? I have no idea. Israel could have taken him out, but Trump said no. Big mistake.

Trump to Saudi King: "You wouldn't last 2 weeks without us." Expect lower oil prices.

Trump tells the Saudi King he wouldn't last 2 weeks without US protection. Then he rants about oil prices being too high.

Expect lower oil prices.

Remember when Obama bowed?

I simply cannot tell who is stupider anymore, Trump or Putin.

This just in.

Read.

Putin talks about a big new fiscal expansion, which will be "paid for" with spending cuts and new taxes even though he has unlimited spending power in ruble.

And we now find out Russia's been stupidly buying gold for years. Why??

This is a total waste of financial and real resources and an even stupider subsidy to the mining industry.

Then there's this...

Russia's empty threats about retaliation against U.S. strikes on Syria. "We'll shoot down the missiles and target launch sites."

What happens? Russia sits by passively and watches an ally, Syria, get bombarded.

Russian whining about U.S. and the West "not being fair and not subscribing to international law," as if the West could give a shit.

Russia allowing the people in Donbass to get slaughtered by the Ukrainian Nazi regime that the U.S. put in place.

Russia selling its oil bounty to the U.K, preventing U.K. residents from freezing to death, while the U.K. smears Russia with baseless allegations, false flags, etc.

In bed with China now? The two are natural enemies over the long term.

On and on.

Let's face it...Russia has no "long game." It's long game is subservience to the West and the neoliberals who are salivating over the country's vast resources.

Dumb. This country is so badly run. I used to stick up for Russia. I can't anymore. I can't support idiots, just like I am off the Trump train and now I am off the Putin train. This guy is maybe a bigger idiot than Trump.

I simply cannot tell who is the stupider of the two right now.

Trump picks Kudlow. I am going to make a fortune.

Tom put it correctly a short while ago when he called it a descent into farce.

Larry Kudlow is a moron, there's no two ways to put it.

From his goofy "Free market capitalism is the best path to prosperity," chants to his jingoistic, "King Dollar" slogan, the guy is a quack.

Kudlow got everything wrong in the crash.

1) He predicted hyperinflation from the Fed's monetary policies.
2) He said the dollar would crash. (Also from the Fed's policies.)
3) He said that interest rates were going to skyrocket because "creditors" wouldn't "lend" to us anymore.

I will say this about him, though...the guy seems to have nine lives. He was Chief Economist at Bear Stearns, but got fired because he was a coke addict.

Then he bounced around and eventually got hired by CNBC. They gave him a show which got canceled because of lousy ratings, but they kept him on and still paid him a 7-figure salary.

Now this.

The guy is a joke. He is supply-side zombie. A fool.

One thing I can tell you: he's going to pump up inflation like crazy with more tax cuts. And rates WILL skyrocket this time as the Fed reacts and then hikes and hikes and hikes.

Oh, Mr. King Dollar? He will end up crashing the dollar even faster than Trump has been able to do so far.

I'm gonna make a fortune.

Not a day goes by where Trump doesn't show that he's got no idea what he is doing.

Since Trump's election, US dollar has eroded badly

Trump has been bragging about the stock market's gains, but what we don't hear about is the fact that the US dollar has eroded badly. Since his election the dollar has fallen to a 3-year low.

Trump is destroying the US dollar.

I called this at the time of the election and I said it was based, at the time, on two things. 1) Trump's  proposed expansion of fiscal stimulus. (More spending and tax cuts.) And, 2) the ongoing rate hike campaign of the Fed, which is inflationary and therefore NOT bullish for the dollar contrary to what most people believe.

Since then a new and far more corrosive element has entered the picture and that is the Trump Administration's aggressive use of sanctions. This is what I have called the "weaponization" of the US dollar.

This has set in motion an irreversible trend of "de-dollarization." The Rest of the World has no other choice. The USA's use of sanctions designed to limit or completely shut entities or entire nations out of the global, dollar-based transaction and clearing system is too great a risk. Even US allies can be indirectly affected by the sanctions' policy.

Alternatives will be sought. We see this in the rise of new, bilateral trade and clearing arrangements (Russia-China, China oil trading in yuan, etc.) We also see this in rise of Bitcoin and other cryptocurrencies, which I believe, reflects this trend toward de-dollarization and it will continue.

Trump will go down as having presided over the greatest period of dollar depreciation in history. Watch.

Since Trump, US dollar is getting killed.

Trump may be reveling in the stock market's gains since his election victory, but the dollar is going in the other direction. It is getting killed.

When Trump was elected the Dollar Index was at 98. Now it's at 90. Dollar/yen was at 118, now it's at 110. Euro/dollar was at 1.04, now it's at 1.23. British pound was at 1.23, now it's at 1.37. Canadian dollar was at 1.36, now it's at 1.24.

Trump has been a disaster for the dollar.

What's more, the dollar's fall is still in its early stages. With his monkey idiot Treasury Secretary, Steve Mnuchin, and the endless sanctions on everybody--the literal weaponization of the US dollar--these fools have set in motion a powerful trend of global "de-dollarization."

It is becoming plainly obvious to countries and institutions around the world that the risk of being shut out of the global, dollar-based transaction and clearing system is too great so alternatives are being sought. This is one explanation for the rise of Bitcoin and other cryptocurrenices. You can also see it in newly emerging bilateral agreements between nations, such as China and Russia, where transactions and trade are being conducted in ruble and yuan.

Add to this the fiscal stimulus of the tax cuts (money printing) and the Fed's rate hikes which they stupidly believe squash inflation. (5 rate hikes since Dec 2015 and inflation up, dollar down, gold up, oil up.)

It's over for the dollar. Trump and Mnuchin...the tag team that will destroy the dollar.

Get short, everybody. Get short.

Trump is the weakest president in American history.

Despite all his tough talk and bravado, Trump is the weakest president in American history. He has lamely, and in record time, become the most malleable puppet of the neocon, military/security state. He is the embodiment of what Eisenhower warned against. Even the meek and thin-skinned Obama wasn't this bad. Obama at least pushed back. sometimes. He had limits. Trump? A total puppet.

Trump wants to privatize the war in Afghanistan because, you know, we're out of money.

This is ludicrous.

Check it out.

Trump Considering Plan to Privatize Much of War in Afghanistan

And this is for what reason? So he can give tax cuts to the wealthy?

The United States has become a buffoon nation with a buffoon for president. This would be laughable if it wasn't so pathetic.

We export war. That's all we do. It's sickening. War for profit now. A new industry is born with the blessings of the White House.

The U.S.A. is a for-profit,  mercenary nation. We are a laughing stock with nukes. Zero moral authority. ZERO.

Trump is getting more pathetic every day. I am ashamed that I voted for this asshole.

Russia goes along with a U.S. proposed ceasefire in Syria? Putin wants to have good relations in the worst way.

First of all I thought we were fighting ISIS? So it's a ceasefire against who? Against ISIS?

I can't believe Putin fell for this. This is just a ploy. The U.S. will use this, as they have used other ceasefires, to re-arm the rebels.

Putin evidently wants good relations with the U.S. in the worst possible way. Sad. This won't end well. Russia will be double-crossed by the U.S. once again.

Trump's pick for Chief Economist wrote this ridiculous book, "Dow 36,000" at the top of the bull market in 1999. You pretty much can't do worse than this.

Kevin Hasset is Trump's pick to chair the Council of Economic Advisers. Hassett co-authored the book, "Dow 36,000" back in 1999, at the peak of the bull market in stocks. You pretty much can't do any worse than that. 

Another terrible pick by Trump.

I liked Trump and I voted for him, but now I just think he is a fucking idiot.

California threatens to cut off funds to Federal gov't. Hahahahahahahaha!!!

What a bunch of idiot lawmakers in California.

I guess they don't understand that their state is a TAKER of U.S. dollars, not a MAKER. The maker would be the Federal gov't itself.

It would be like car owners withholding cars from Ford or General Motors. Those companies MAKE the fucking cars!

If I were Trump I would laugh in those Cali lawmakers' faces.

At the end of the day we'll see who are the bigger idiots--these California lawmakers or Congress and the Administration. Washington may actually feel threatened by this. Because, you know, the Federal gov't "needs" the money.

Idiots everywhere.

Wilbur Ross and the dopey finance capitalists

It would be so easy to beat these dopey finance capitalists at their game. So, so, easy. If I were only in charge. If only there was a leader somewhere who understood the power of his/her nation's own sovereign money and what they could do. You could bury these guys who produce...nothing.

Don Trump's new Commerce Secretary, octogenarian loser hedge fund elf, Wilbur Ross, spoke these "pearls" of wisdom today.

"Brexit is a God-given opportunity to steal business away from UK."

"I recommend that Cyprus should adopt and immediately announce even more liberal financial service policies than it already has so that it can try to take advantage of the inevitable relocations that will occur during the period of confusion,"

Wilbur Ross is an elf

So, our new Commerce Secretary is basically advocating for other countries (maybe for us, too) to zealously deregulate finance and give the banksters in Cyprus free reign to commit massive fraud like the banksters in the City of London and Wall Street did, which nearly destroyed the entire global economy.

This is great business, I guess, to him.

Finance creates nothing. NOTHING. It produces nothing. It's a tax on everyone that flows to a small few like the elf, Ross.

Ross should be promoting investment in infrastructure, health care, education, basic science and research, alternative energy, but instead, he's saying, steal London's financial casino's. What a dope.

If only I were in charge. I'd bury these guys. BURY THEM.

Finance needs to be shrunk down to practically nothing. Wilbur Ross, as I said before was a terrible pick for Commerce and he's proving it with these idiotic comments, but I am sure Trump thinks it's brilliant.

Actually, upon hearing Ross's comments the Brits ought to be laughing and cheering and saying, Here! Take the City for all we care, but, no, I am sure they are shaking in their misguided boots at what's about to be "stolen" away from them by Cyprus and Dublin.

Lol!!

Trump stimulus? Fuhgeddaboudit. A super duper deficit hawk is now his Budget Director.

Trump has been choosing deficit hawk after deficit hawk, casting MAJOR doubt on his stimulus plans, except of course for rich people and corporations. Everyone else is likely to get screwed.

The Donald just chose super hardline deficit hawk, Mickey Mulvaney (R-SC) as his budget director.

Here's Mulvaney:

Mulvaney, 49, was elected to Congress in 2010 in the wave that brought a cohort of younger, staunchly conservative members into the House. Mulvaney quickly staked out ground as one of Congress’s most outspoken fiscal hawks — playing a key role in the 2011 showdown between President Obama and House Republicans that ended in the passage of strict budget caps.

He has been an advocate for spending cuts, often taking on his own party to push for more aggressive curbs to government spending.

And Trump seems to be 100% behind this. Check it out.

“We are going to do great things for the American people with Mick Mulvaney leading the Office of Management and Budget,” Trump said in a statement. “Right now we are nearly $20 trillion in debt, but Mick is a very high-energy leader with deep convictions for how to responsibly manage our nation’s finances and save our country from drowning in red ink.

Recession time, people. Recession time. I am shorting stocks.

Stock rally getting ahead of itself?

The bullish stock market/economy Trump meme is based on what? We don't know yet.

The time I met KT McFarland, Trump's new Deputy National Security Adviser. She told me, "China is our banker." Woman is an idiot.

This woman is an idiot

When I was still working for Fox News I remember meeting K.T. McFarland, Trump's new Deputy National Security Adviser.

One of the things that I enjoyed at Fox or, perhaps I should say, found interesting, is that I would meet many of these well-known and sometimes very high-placed "important people" and I would talk to them and see how f'cking clueless they were about economics. You can read about one of my past encounters here, with former Reagan Administration Budget Chief, David Stockman.

K.T. McFarland was one of these people that I met, too. A total idiot.

We were discussing the economy and she started talking about how America is "broke" and "China is our banker." I asked her if the U.S. would run out of dollars? She just looked at me as if I was completely off my rocker. I repeated, "Do you think we will run out of dollars?" She had no response.

Fast forward to now, where's she's Trump's new Deputy National Security Adviser.

So, I can now predict this: Trump will NEVER impose tariffs on China and the "great deal" he will negotiate will be nothing or, pablum at best because K.T. McFarland, having Trump's ear now, will certainly be telling him to go easy on China because they are our banker and they may "call in their loans."

It's getting pretty clear to me that things will not only NOT change under Trump, but the neoliberal onslaught that is gutting the working people of the world and which, is driving electoral "revolutions" everywhere, will go even deeper into failure. The desperation among the people will become so acute now. They will be let down enormously by Trump.

Trump's comments on debt have exposed a deep, DEEP, pool of ignorance about the monetary system, from every corner imaginable

Trump's comments on the debt, like this one, that he would look to "renegotiate" the debt or in some way, do a bankruptcy filing (like he's familiar with) and "pay back" less to "investors," or, "refinance" to  "lock in" lower long term rates, shows his utter ignorance about the debt.

But his comments didn't just expose his own ignorance, it exposed a deep and broad ocean of ignorance out there with respect to the debt from every corner imaginable.

First, let me just simplify: In all its forms--renegotiate, default, etc--what Trump is suggesting is basically a global tax increase. It's removing dollar based savings from the global economy. He thinks that's good? He is totally clueless.

But don't expect Trump or anyone else to understand that. And the proof is, people are saying some really crazy shit right now.

For example, I was watching this idiotic show, Wall Street Week, last night and the guest was "Bond King," Jeffrey Gundlach.

Gundlach has been going around saying that a Trump presidency would see debt levels skyrocket, because Trump loves debt. Fair enough. Trump has had a lot of experience dealing with private sector debt. (Bank credit.)

However, Gundlach never mentions that the government's debt is different. It's a super-safe asset sought after by the private sector. And it's a debt in its own currency--the dollar--which the United States has the monopoly power to issue. Furthermore, the only real debt or, promise, is that the government will accept its own currency for payment of taxes. Easy to fulfill.

Gundlach could have said that Trump would end up adding trillions in super-safe assets to the global economy. Assets that people have been clamoring for, for decades. But he didn't say that because he doesn't understand.

Next he says that the country "wouldn't be able to handle" all that additional debt. Both of the clown hosts agree with him. What the hell does that mean? The country and the world, even, couldn't handle trillions more in super-safe assets? Nothing. No understanding. Nothing. Frightening, really. He's the bond KING, remember.

Then he says "rates would skyrocket." May I remind you--again--this is coming from the mouth of the Bond King. Again, no understanding at all that rates would still be set by the Fed. Shocking.

A similar article had this headline:

Likely impact of Trump proposal for US debt: soaring rates

How? Tell me how? This is a total and complete lack of understanding of how rates are set. We have already seen a U.S. credit downgrade, the doubling of the "debt" in the past eight years and rates are at all-time lows. These people see no connection. They're not even wondering.

Look at this statement:

"The need to refinance would likely cause interest rates to spike as investors demanded a greater return for the perceived risks of non-payment. More tax dollars would have to go toward repaying the debt. Many investors would shift their money elsewhere. And the economy could endure a traumatic blow."

Investors demand a greater return? Too bad. Again the idea that the sovereign, monopoly currency issuer, is somehow beholden to investors, creditors.

And then there's this:

"More tax dollars would go toward repaying the debt." 

Wow. Where do those tax DOLLARS come from? The government has to add those dollars to the economy before anyone can even "repay the debt," which means there is no repaying of the debt at all. The only thing that happens is a bookkeeping entry over at the Fed, where the accounts of Treasury holders are debited and their reserve accounts (cash) are credited. Like moving your money from your savings account to your checking account.

Wow. Wow. Wow. Wow. Wow...WOW.

What about this"

"The yield on a 10-year Treasury note is about 1.8 percent, a figure that would shoot up if Trump pursued this strategy. This would cause debt payments to climb at a precarious moment for the federal budget when Social Security, Medicare and Medicaid costs will likely increase the need to borrow."

Again, this is so wrong. This is so dumb. It's shocking and frightening. It exposes a deep, deep, very disturbing level of misunderstanding with respect to the debt, sovereign money, rate setting

It's wrong on every level imaginable. On the belief that we borrow from creditors. On the belief that we need to "lock in low rates" as if rates are decided by someone else. On the lack of understanding that "renegotiating the debt" or, paying back less, DESTROYS the savings of everybody and how is that good?

This is unimaginably fucked up. Trump is an idiot on this, but he exposes a truly shocking and disturbing level of ignorance, all around.

We are fucked.

Jack Peat — Trump Backs Brexit

Donald Trump has said the UK would be “better off without” the European Union in a typically candid interview with Fox News.

He said it is his “feeling” that the UK should vote to sever ties with the EU in its 23 June referendum because the union has failed to handle the migration crisis, which has been a “horrible thing for Europe”.…

The London Economic
Trump Backs Brexit

Jack Peat

I like Trump, but he's really misinformed on a lot of his economics. (And, no, not the trade stuff.)

I like Trump. I like his lack of political correctness. I like his foreign policy: end senseless wars, do away with NATO, normalize relations with Russia, etc

I like his proposal to rebuild the infrastructure of the USA, replace Obamacare with affordable, universal health care.

I even like his policy on trade: force the foreign sector to run deficits by imposing tariffs on them, while at the same time, ramping up domestic output and employment.

All good.

However, on some other economic things he's really misinformed.

Look at these comments...

“I think there are times for us to refinance debt with longer term, we owe so much money,” Trump said.

“I am the king of debt, I love playing with it, but now we’re talking about something very, very fragile,” he said.

“If we raise interest rates and if the dollar starts getting too strong, we’ll have some very major problems.”

“I have nothing against Janet Yellen whatsoever, she’s very capable person. But she’s not a Republican,” Trump said. “When her time is up I would most likely replace because of the fact it would be appropriate.

“I love the concept of a strong dollar, but when you look at the havoc that a strong dollar causes ... it sounds better to have a strong dollar than it actually is.”

So he thinks we borrow from someone and we have to "lock in" low rates, long term, to "save."

He thinks high rates makes the dollar strong. It's in fact the opposite.

He thinks it's better to have a weak currency. It's the opposite, at least if a nation desires a high standard of living.

He wants to politicize the Fed by putting a Republican even though he admits that Janet Yellen is capable and he likes her policies. He says, "It's just that, it wouldn't be appropriate."

As you can see, he's got some work to do. Especially on the refinancing the debt stuff. Hey, maybe he can just ask his new Republican Fed Chairman to set rates at zero all along the curve. There ya go!

Neoliberals like Larry Summers are beside themselves at the prospect of a Trump presidency

Neoliberals like Larry Summers are aghast at the prospect of a Trump presidency. He recently called it the most dangerous thing that could happen to America.

The hyperbole is overflowing like rivers of shit straight out of Summers' mouth.

Here's the guy who pushed aggressively for the deregulation of the financial sector, which eventually led to a near-total, global economic collapse. And it's safe to say that billions...BILLIONS of people have still not recovered from that.

This guy is an ass if there ever was one, but he shows you the extreme worry by his crowd if Trump ever becomes president.

Think of it, a candidate who wants to raise taxes on the rich (and who's rich, himself!), boost wages, impose tariffs on China and other trading partners and a guy who HATES Wall Street and the parasitic speculators that prey on our economy.

What horror!!!

From  the neoliberals and warmongering neocons to the corporate CEO's and the lobbyists and political establishment and elite (of both parties), Trump has enormously powerful forces arrayed against him. It is almost impossible for him to win.

What am I saying? It is impossible.