Trump ran on a platform of "drain the swamp", hence being the con artist he's alway been, his first cabinet nominations were two Goldman Sachs members, a venture capitalist at Commerce, and a private equity manager as special economic advisor. His devoted base didn't blink an eye. They're used to being lied to for 30 years, why stop now?
It all comes down to who do you trust?
Whenever the casino begins to wobble, Goldman Sachs Treasury Secretary Mnuchin comes out to reaffirm the imaginary tax cut. Today was no exception:
There have been untold numbers of these fake reflation rallies in the past ten months - each time, the dollar, bond yields and banks reflexively jerk higher. And then afterwards, each time they end up lower.
In other words the charade has been running out of time. Even as Trump is no closer to a tax cut, the Fed's magic has been working away in the background, punishing everyone who took advantage of 0% free money for the past eight years.
The swamp things got them into the casino, they just can't get them out:
"Imaginary Tax Cut!!!"
The U.S. economy is no longer supportive of free casino money:
The U.S. economy is no longer supportive of free casino money:
