Sunday, April 13, 2025

DOGE Goons Physically Drag Social Security Worker From Desk

 DOGE "goons?" Seriously? A bunch of computer geeks? How tough can they be? This shit's getting ridiculous.

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Dimon implying an upcoming Treasury auction failure

 

Dimon seeing another regulatory snafu coming up and Fed going to have to suspend SLR again… same thing as spring 2020 … they never learn... buckle up for more chaos… 




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“Tariff” reprieve

 

Maybe Cook and the other US multinational CEOs had to finally break the news to the Art degree morons in Trump & Co that the “trade deficit!” was their overseas retained earnings ? 

🤔




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Tuesday, April 8, 2025

The Accursed Tariffs — NeilW

Many electrons have been inconvenienced over this topic, and most have been in vain. I’ve wondered all week whether I had anything meaningful to add. However, a few points that have emerged in discussions are worth highlighting....

New Wayland
The Accursed Tariffs
NeilW
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IRS has agreed to share migrants’ tax information with ICE

 

So imminently employers of  millions of illegals are gonna be submitting their FICA tax reports containing those now DOGE deleted 9M SSNs and IRS is gonna immediately flip that information over to ICE for immigration raids probably to the largest offenders first…

Could be a mass firing event which probably won’t show up in UE claims because the current employees are illegal… maybe job openings will spike up … while UE rate appears constant…

So Art degree Fed morons will interpret that as “inflationary!” and will be EVEN LESS inclined to reduce the policy rate for Trump…

I’m more worried about this whole thing than the whole “tariff!” BS…

You may want to load up on some frozen chicken beef or pork products this week just in case..





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Monday, April 7, 2025

Trump's "Liberation Day": Another PR Gag, or Global Reorientation Turning Point? — Simplicius

 I am a bit late with this. I have been jammed this week and just got to. It's an explanation of the Trump tariffs. 

It's the brain child of Stephen Miran, chair of the Council of Economic Advisors. Miran lays it out in  A User’s Guide to Restructuring the Global Trading System. Simplicius summarizes it briefly.

Bill Mitchell deals with this from the MMT point of view in today's post, which I linked to earlier.

Simplicius the Thinker
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US government is pinning its tariff hopes on some unlikely to be realised assumptions— Bill Mitchell

 Last week, the US President honoured his election promise, indeed his long-held commitment, to increase tariffs on imported goods and services to the US. The formula they came up to differentiate between countries was bizarre but I don’t intend commenting on that here, except to say, the imposition of tariffs on the – Heard Island and McDonald Islands – which are an ‘Australian external territory’ that is a ‘a volcanic group of mostly barren Antarctic islands, about two-thirds of the way from Madagascar to Antarctica’ (where penguins live) ranked up there with their Signal chaos. These guys have access to the ‘red button’ after all. That’s the scary thing. Anyway I was sent a document that seemingly is the theoretical rationalisation for the tariff decision (thanks Mahaish, appreciated) and so I thought I would give it some time...


William Mitchell — Modern Monetary Theory
US government is pinning its tariff hopes on some unlikely to be realised assumptions
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
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