Any questions?
Putting a reserve currency in the hands of dilettante frat boys was always going to be a disaster. From the time Nixon abandoned the gold standard, it's been a ~50 year sliding scale of corruption. Now we're seeing level '11' profligacy and plundering of future generations on a scale that the Founding Fathers could not even mildly imagine.
Last week the bond market monkey hammered stocks in response to Trump's tax plan and mega budget.
Now, the rest of the world is dumping U.S. stocks in record size. Yesterday we learned that the S&P 500 ETF saw record outflows last week. Whereas the rest of the world saw no net outflow.
Meanwhile, overnight, $USDJPY broke key support, which was hand in hand with another futures selloff. Bought of course this morning:
In summary, the bond market doesn't trust Trump. The currency market doesn't trust Trump. The rest of the world doesn't trust Trump.
The infrastructure sector doesn't trust Trump:
The Energy sector doesn't trust Trump
Coal doesn't trust Trump
And the smart money doesn't trust Trump.
So who does that leave?
