When you have dunces sitting atop the financial system, it might be worth considering the possibility that something could go very wrong. And that’s especially the risk given that the relentless financial asset inflation of the past 30 years is neither the natural product of healthy markets nor would it be sustainable much longer even if stable geniuses were actually in charge.
As per the dunce piece of the equation, consider first how the Donald keeps tweeting proof of his own entitlement to this moniker. In fact, the one he posted on Friday morning reached an altogether new level of cluelessness:
@realDonaldTrump: Because of the faulty thought process we have going for us at the Federal Reserve, we pay much higher interest rates than countries that are no match for us economically. In other words, our interest costs are much higher than other countries, when they should be lower. Correct!
Leave it to the Donald to argue that mine needs be much shorter than yours!