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The Triumph of Donald Trump

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Ilargi: What? Default? Where? Dollar?

Posted on July 27, 2020 by Yves Smith

Yves here. To add to Ilargi’s discussion on the long-standing, premature predictions of the death of the dollar:

1. If you look at not-much longer periods (pre-Brexit) the dollar was much weaker against the pound and the euro. So a modest retrace is noise.

2. The US cannot involuntarily default in its own currency. It can create too much inflation. With the massive deflationary impact of Covid-19, that’s not an imminent risk.

3. Being the reserve currency requires getting a lot of currency into foreign trade partners’ hands. That means running trade deficits, as in exporting jobs. China is mercantilist, and sees the point of trade as running a surplus, which is tantamount to importing jobs. So China is not willing to do what it would have to do to displace the dollar.

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On 7/24/2020 at 4:56 PM, mr6666 said:
President Trump has had monthly phone calls with Vladimir Putin since March. (They've had 7 publicly disclosed calls during this period.)
This is the most sustained contact between the two leaders since the Trump Era began in 2017.

Of course,...November is just around the corner and Trump is trailing Biden.  Putin and other foreign actors’ meddling in the election is Trump’s only real hope of re-election, along with cheating and voter suppression by the GOP..  

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Senior advisers began presenting Trump with data showing coronavirus spiking "among 'OUR PEOPLE' in Republican states"
and projections of virus surges hitting "politically important states."
"This new approach seemed to resonate" with Trump.        :(
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Trump adviser Hannity warns Iran on-air—falsely—US warplanes are about to bomb Tehran;
an AA battery in Tehran soon shoots down a Ukrainian jet, killing all abroad.
Trump tells his cultists BLM marches are dangerous,
and someone shoots a BLM protester legally carrying a weapon.
.............The Austin shooter claimed to fear for their life upon seeing a liberal legally carrying a firearm
(remember, Trumpists regularly carry firearms at protests).
We have to wonder, how does a person come to fear a 100% peaceful protest?
What rhetoric—whose rhetoric—are they hearing?
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Pharma execs decline Trump offer for meeting on drug prices

............A pharmaceutical industry source said that "there was concern that this would not have been a productive meeting" and that companies are still discussing how to move forward after Trump signed a series of executive orders on Friday taking aim at drug prices.

Trump had announced during Friday's signing ceremony that there would be a meeting at the White House with industry executives on Tuesday, which he said would give drug companies a chance to propose an alternative to one of his executive orders.

Drug companies, however, never publicly confirmed that they would attend the meeting. .............



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Trump: "They're very respected doctors. There was a woman who was spectacular in her statements about it and she's had tremendous success with it."
Reporter: "She's also made videos saying that doctors make medicine using DNA from aliens."
Trump: "I know nothing about her."
:blink:   :lol:
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9 hours ago, Bogie56 said:

Trump Accuses Fauci of Using Fifty Years of Experience as Doctor to Win People’s Trust

July 28, 2020

Hand at podium pointing in Fauci's direction. Photograph by Alex Wong / Getty

WASHINGTON (The Borowitz Report)—Unveiling a new conspiracy theory, Donald Trump on Tuesday accused Anthony Fauci of using his fifty years of experience as a doctor to win people’s trust.

Appearing on Fox News, Trump would not disclose the source of the theory, saying only, “This is something a lot of people are talking about.”

“Tony Fauci graduated first in his medical school class, in 1966, because he knew that would make him look good someday,” Trump told Sean Hannity. “He’s been planning this for a long, long time.”

Fauci went on to become a leading epidemiologist as part of a carefully plotted scheme to give himself credibility, Trump alleged.

“He spent years working on H.I.V., aids, Ebola, you name it,” Trump charged. “Anthony Fauci would stop at nothing to make himself look like an expert.”

Trump said he was baffled by polls showing that Americans overwhelmingly trust Fauci more than him when it comes to the coronavirus pandemic.

“There is zero difference between me and Tony Fauci, except for fifty years of so-called medical experience,” he said.

At least Sgt Schultz on "Hogan's Heroes" was honest about it.

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No body is better off, unless you are a billionaire getting millions in tax breaks from the Trump Administration.  And EVERYBODY is worse off than 4 months age, with Trump’s fumbling and giving up on trying to handle to pandemic.  We see the GDP contract at an annual one-third rate!

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GDP for last quarter was worst in history - thank you Trump and GOP.

Unemployment/underemployment is at highest levels since Great Depression - thank you Trump and GOP.

While COVID-19 is basis, it is Trump's and the GOPers' inability to prepare for it and take actions to limit its impact.


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5 minutes ago, jakeem said:


Top Republicans in Congress shot down Trump's suggestion to delay November's election, which he made on Twitter while claiming, without evidence, that mail-in voting will cause voter fraud.
Mitch McConnell: “Never in the history of the country, through wars, depressions, and the Civil War have we ever not had a federally scheduled election on time, and we’ll find a way to do that again this Nov. 3."
Marco Rubio: “He can suggest whatever he wants. The law is what it is. We’re going to have an election that’s legitimate, it’s going to be credible, it’s going to be the same as we’ve always done it.”
1:15 PM · Jul 30, 2020·TweetDeck

 Yesterday after negotiating with Congressional Democrats, Treasury Secretary Steve Mnuchin went to the office of the GOP Senate leader, Mitch McConnell to discuss these Urgent ongoing stimulus package negotiations.

When he knocked at the Senate leader's door, he was greeted by an aide who told him the senator had already gone home.

Much to his surprise, Mnuchin, a direct representative for trump, had been stood up and humiliated.

This is one example of how GOP leaders are starting to distance themselves from the failed failure of a president.

Strongly denouncing trump's pathetic pleas to postpone the election--

An election Trump believes he is sure to lose--

is another example of how fast the GOP is seeking to separate themselves from the opinions of a failed president.

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The Unemployment Crisis Is a True National Emergency

The incompetent criminals ruling the U.S. are about to push millions of Americans off a terrifying financial cliff.


.............the supplemental unemployment benefits expire at the end of July. The GOP opening bid is to extend them but to cut the amount from $600 to $200. The reason, Treasury Secretary Steve Mnuchin explained in the Oval Office, is to prevent malingering: “We’re going to make sure that we don’t pay people more money to stay home than go to work.”

In addition, Senate Majority Leader Mitch McConnell has said that the Republican “red line” in negotiations is making it essentially impossible for employees to sue employers on the grounds that their workplace is failing to protect them from Covid-19. Furthermore, under the proposed new rules, employers and even the Trump Justice Department would find it easy to countersue workers for bringing a coronavirus lawsuit.

Rationally, of course, this makes no sense.

For most of the unemployed, there aren’t any jobs to go back to, and won’t be until the pandemic is under control. If their unemployment benefits are cut, people without jobs will desperately cut back on spending, leading to more unemployment, which will lead to less spending, and so on.

The process will be accelerated as states and cities, which until now have attempted to avoid slashing payrolls in hopes that the federal government would rescue them, finally do so.........



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1 hour ago, jakeem said:


Video of then-businessman Donald Trump struggling to vote in-person before declaring he would fill out an absentee ballot in 2004 has resurfaced this week amid a new round of unfounded attacks on mail-in voting from the President.
11:00 AM · Jul 31, 2020·SocialFlow

 In 2004 trump wasn't able to vote at the polls because either he wasn't registered to vote, or he hadn't voted for so long that is named had been removed.

Either way he simply didn't understand the basic principles or logistics of voting in the United States.

That's what his niece meant when she said his life had been institutionalized--

other people have been paid to think for him because he was either too lazy or incapable of thinking for himself....


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