Trump was the laughingstock of the U.N. today, but he will get the last laugh when he collapses the global PonziConomy. Speaking of which, Wall Street is just now figuring out that blowing up Globalization may have led to a "miscalculation" in forward S&P earnings. In the context of Republican economic confidence at all time high, I'm highly confident that someone is about to shit a brick...
But first, the Third-World-Despot-in-Chief forgot that he wasn't at a rally of loyal dumbfucks today when he bragged at the U.N. about his efforts to implode Globalization, and almost got laughed off stage. Some people just don't know how to show appreciation.
To paraphrase:
"My administration has done more to deconstruct Pax Americana than any other administration in the history of Pax Americana"
[Pause for standing ovation]
No question, the true hardcore Trump supporters such as Steve Bannon, got what they wanted: The tearing down of the Globalist world order. Which will be replaced post haste by a non-stop stream of semi-literate Twitter gibberish. Meaning that Trump's white knuckled mainstream quasi-believers, who were merely along for the tax cuts, can't afford their Faustian Bargain.
Trump's U.N. speech today was the usual mix of hyperbolic bullshit, well-cultivated lies, self-aggrandizement, and a dollop of truth for the cherry on top.
"In less than two years, my administration has accomplished more than almost any administration in the history of our country."
(Audience laughter.)
"Didn’t expect that reaction, but that’s okay."
Once the uncontrolled laughter subsided, he eventually got to the truth:
"The United States lost over 3 million manufacturing jobs, nearly a quarter of all steel jobs, and 60,000 factories after China joined the WTO. And we have racked up $13 trillion in trade deficits over the last two decades.
But those days are over."
All of which confirms what I've been saying - that this has all been a "miscalculation":
The stock market has been mostly enjoying a uptrend, shaking off elevated tariff tensions between the U.S. and its global counterparts.
"investors should brace for the possibility of a “major miscalculation” by President Donald Trump’s administration, as it relates to the U.S.-China conflict"
Fortunately, the miscalculation magically takes effect after bonus is paid out December 31st, despite the most negative earnings announcements in over two years.
"Trade fears have been widely viewed by market participants as the most significant threat to the health of the global economy"
"the Trump administration, emboldened by a healthy economy and stock market, (will) ratchet trade tensions ever higher, entering what the bank describes as “Phase III” of trade disputes in 2019, which would result in weaker China growth, and directly impact an “incipient recovery” for the commodity complex."
This could weaken:
Cue Trump today, on OPEC and oil prices:
"OPEC and OPEC nations, are, as usual, ripping off the rest of the world, and I don’t like it...We want them to stop raising prices, we want them to start lowering prices...We are not going to put up with it — these horrible prices — much longer."
Cue Ponzi deflation
"We have become the largest energy producer anywhere on the face of the Earth"
Cue miscalculation
