POITOU, FRANCE – Yesterday, we guessed that The Donald would back down on his threat to impose a 25% tariff on Chinese goods coming into the U.S.
Not because it would be a $50 billion tax on his own base – consumers who are already living close to the edge. The president’s fans are solid. They will not desert him, no matter what.
Most to Lose
No, he will back down because the Chinese tariffs risk a real trade war with China. And a real trade war with the world’s biggest economy would be a disaster for the people with the most to lose – the elite, the “One Percent,” and the Deep State… including The Donald himself.
There is some $115 trillion in excess debt in the world – that is, debt above and beyond what can be comfortably supported by the real economy.
That debt is a liability to Main Street and the public. But it is an asset to the rich. As we have described in these pages before, it’s EZ credit that is the linchpin in today’s fake-money system.
The Deep State’s stocks, bonds, and real estate values… not to mention its careers, incomes, and reputations… depend on it.
And it is made possible by the China trade… by Chinese workers who put in long hours in miserable conditions in order to stock the shelves of Walmart with cheap goods… by Chinese manufacturers who undersell their competitors to keep consumer price inflation in the U.S. at low levels… and by Bank of China, which holds some $1.25 trillion worth of U.S. bonds… thus propping up the whole wobbly capital structure.
But let us take a break from the imminent collapse of the world economy and the consequent Great Depression… probably accompanied by catastrophic wars.
Instead, let’s focus on something important: our barn roof in Ireland.
Pride Engaged
Several dear readers wrote to point out our mistakes. One said the collar ties were too high. Another said they weren’t bolted on properly. Still another said he thought he saw one-by-fours rather than the two-by-fours we claimed.
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