Obama’s Parting Gift… With Fuse Attached
BALTIMORE – Poor Donald…
He could be flirting with Miss America contestants and enjoying the pulchritude of beauty queens. Instead, he is stuck with the turpitude of the ruling classes.
One job candidate after another. David Petraeus. Rudy Giuliani. Newt Gingrich.
The president-elect seems to be reaching out… building bridges… trying to talk to just about everyone.
He has pledged to “drain the swamp.” But, with a few notable exceptions, almost all the visitors to Trump Tower are crafty foxes or dangerous swamp gators. They built careers and fortunes by knowing their way around the Potomac bayous; none will want to drain it.
No matter. “The Donald” has peace to make… roles to fill… and not much time to study resumes and make his selections.
Even one of his harshest GOP critics, Mitt Romney, has been called in for an interview.
It’s taken us months to find a good handyman for our farm in Maryland; think how long it would take to find a good Secretary of the Treasury!
Any recruiter could probably hook you up with a Secretary of State or a Secretary of Defense. The stuffed shirts and hollow men who can play those roles are a dime a dozen.
Almost anybody, picked at random on the street, could do the job.
Spend a few trillion dollars bungling and bumbling around the Mideast? What could go wrong that hasn’t already gone wrong? How could you do anything more imbecilic or swinish than what has already been done?
Either job is a piece of cake.
Not so for the Secretary of the Treasury. There’s a major challenge coming as the Era of Bubble Finance comes to an end. There is no avoiding it. But the politics of Washington over the next six months will probably determine how it ends, with a whimper of deflation or the bang of hyperinflation.
The entire world has a debt problem – with $223 trillion in debt, about three times global GDP.
The U.S. has a big piece of that – $63 trillion of the debt. America’s excess debt – above and beyond what its economy can comfortably support – is about $35 trillion (by our own estimate).
And sometime in the next 12 to 24 months, that debt bomb will probably explode.