David Collum: Pandemonium
The only thing nearly as enlightening as reading David Collum’s epic Year In Review is listening to him and Chris Martenson riff about its highlights.
Strap in, grab some eggnog, and listen to this year’s recap:
We are so close to a financial crisis now that we may be way, way past the fail-safe.
We’ve got all these unfunded liabilities that we have to pay or face the consequences of — and they are fantastically enormous.
The pensions are all underfunded — at the top of a financial asset price bubble, mind you.
Social Security is a disaster. And we’re promising so much medical help for everyone that is now profoundly expensive.
There are so many things out there that are unmoored. The Fed is unmoored. The digital world is taking us to this digital gulag, in my opinion — I don’t think I’m being hyperbolic.
I think we’re heading for very, very bad places.
Click the play button below to listen to Chris’ interview with David Collum (84m:24s).
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David Collum: Pandemonium
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Chris Martenson: Dave Collum, thank you so much for being back with us and all our listeners here today.
Dave Collum: Hey, it’s great to be here. This is a tradition I look forward to immensely.
Chris Martenson: Hey, me too. I’m just wondering, based on something you wrote in this year’s review, do we need to start with a trigger warning here for any listeners? Maybe remind them that their computer has an off button if they choose?
Dave Collum: Well, you know, I can keep it clean on a podcast. So, it’s up to them. I mean, if you take me in a direction that I hammer someone, as I actually said in the review, I said, you know, this is about humor and–humor and sarcasm someone has got to get hurt it might be your turn.
Chris Martenson: Well, you know, what caught me right in part one is cause this come sin two parts of course, was the Limerick King(PH) we follow each other on Twitter, really like the guy. He started with, there was a mad chemist named Dave. His year in review is the rave. With Epstein and Powell and repos most foul his comments are sure to be grave. That’s a good–
Dave Collum: I solicited that. I tell limerick king what I’m going to talk about and then I said just whip out a limerick for me. Most years I have Jeff Mackey of CNBC fame rip out some art but his life is remarkably full so I actually had my wife do that, so I tend to open with a limerick and a Mackey original but a Candacy Cornell original this time.
Chris Martenson: Fantastic. You know, as I was reading through this it really feels like this year in review has a very different flavor from the prior ones and I’m wondering if you would be willing to talk about that.
Dave Collum: Yeah, you know, it’s when I write this thing it’s, I go real deep lizard brain on this, and as I actually spend more time at the opening describing where it comes from and how I write it. I always give an autobiography. There has always been about the author part but I go deeper. I go back to when I was 12 years old. It’s only a page and you know it–it is funny. And, but I kind of explain myself in part because of the feel that it was different. So, this year I wrote it and I wrote it in order of importance. So, I picked the section that I thought was most important when I had to write then I picked the second one and the third one.
When I got to the end, and you know, you can’t write a year in review in May, right? So, I have to write it all at once and I bang out, this one is 147 pages, right? And so this is kind of writing at the rate of William and Buckley at this point and I got to the end and I looked at it and I go holy cow, the entire thing is about social change. And one of the things that is omitted, and I don’t even know if people will be disappointed or happy, there is not much finance actually.
One of the reasons is it feels like we are at the top of something and it feels like we are on the cusp of something. And even if we’re not, it is just getting crazier and to document it–to document getting crazier something didn’t make sense to me this year. There was stupid IPOs and dumb debt and all that stuff but that has been getting crazier and crazier. At some point you have to say look, this is the pregame. I’m not going to pay attention until the game starts. And so I’ve got reams of notes and I sorted them and I said look I’m not going to write about this stuff this year. Or I just didn’t get to it as my priority.
I don’t write about Trump because everyone on the planet is writing about Trump and impeachment and some stuff like that. And so–so I went for the things that I spent a lot of time. So the thing that absolutely passed like a kidney stone for me was literally 32 pages on climate change. The second part I wrote is on Epstein which I think is far more profound than people are giving it credit. And then I go back to share buyback because people are still missing them. That’s kind of finance. But my conclusion goes very dark and–and part of it is unsupported in the sense that I go dark in ways you go you didn’t write about that. I go yeah, but it’s on the cutting room floor and it’s bugging the crap out of me. And so, and I think we are heading for a strange future here. And so, as you mentioned in our pregame discussion it is kind of a fourth turning field for me.
Chris Martenson: And this is really what I want to focus on because this has been well central in my thoughts in part as well; listen, bubbles always get crazy towards the end, right? You know, and there are those I have this bad habit of detecting bubbles really early and missing out on a lot of the fun and because I am more of a fundamentalist and it always amazes me how much longer they can go on than seems normal, right? So, the housing bubble I was sure very painfully housing stocks in 2007; it took a while before they turned around and mortgage insurers and all that.
But even here, this is–this is like the third bubble in a row but it is more extreme; it is everywhere and they are doing whatever it takes to keep it going and all of that–and despite all of their best efforts in printing all of these happy, happy stock prices with the help of some Trump tweets, always well timed–you get the sense that there’s always something really dark lurking here, as well, and that people are as unhappy and as anxious and as fearful and as polarized as they have ever been.
And so, that to me, is the potential energy in a story like two great static electricity sources, one positive and one negative just sort of building. Hey, look, how great everything is. And things aren’t great. Do you feel that I mean you seem to be writing about that gap and I’m wondering why you think that is there at all?
Dave Collum: Well, God, there are so many layers to an onion there. I happened to just this morning catch a quick video of Adam Schiff getting yelled at by guys in the audience being called a liar and stuff.
Chris Martenson: Yeah, that was great.
Dave Collum: Right. It and these were not you know hipsters from Harvard, right? These were salt of the earth type guys, to put it bluntly–but that’s a tactic that used to be, let’s say, used to be like a year ago or even six months ago was a tactic in my opinion, I’m going to upset some listeners, was a tactic of the left. Right? Disrupt the speaker, interrupt people at dinner, stuff like that. I don’t think the right was doing that. And I’ve been watching for it. I’m sure other people see it and I don’t but now you see that. And I, we don’t want to see that either at some level, right? I really hate Schiff–I really hate Schiff but when that stuff starts happening, that’s a bad sign, even if he’s deserving. Right? That’s a very bad sign.
Chris Martenson: And what is that a sign of, do you think?
Dave Collum: Well, it’s a sign that people are angry and it’s a sign that well, it’s a sign that politics has gotten completely toxic. I–I was what I call Trump tolerant, so I sort of with a shaky hand pulled the ever for the Donald. In part, because his platform was don’t bomb the hell out of other countries. It’s why I support Tulsi Gabbard, don’t bomb the hell out of other countries. And Trump has kind of been wavering on that. I think he’s battling, you know, the Deep State to try not to bomb other countries too much that sort of thing.
So, I think in some sense he is achieving what he set out to do in that he is minimizing it. But there is some bad stuff, right? You know, you watch the war in Yemen, it’s just a mess. The further along I got, the more I see him–this is just going to freak out some of your listeners, but I see him as kind of this odd hero figure battling some very bad people and he–and he’s such an unlikely package. He is like Colombo is to law enforcement or something. I don’t view Trump as an evil person. He has got his idiosyncrasies. He has got his flaws. He has got everything that, I understand why people hate him. But the people he is battling I really find to be much more dangerous.
Chris Martenson: Well, let’s–I think the title–
Dave Collum: I don’t write about this, ironically. I don’t write about this because it’s a pandemonium out there.
Chris Martenson: I know, and we’re really deep into the belief territory you can tell because the emotions are so high and of course facts and opinions don’t really play well in that landscape. That of course, I think has been whipped up by the media, which is doing I think when I look at it from a psy op psych 101 like what they are doing to me seems really obviously designed to fracture and polarize people. So, what’s interesting is you see the people show up in their pink hats and you see ANTIFA out there like you know, beating people up on the street; it is sort of the–the retail level.
But you know what I haven’t seen, Dave, not once? I haven’t seen one organized protest against healthcare costs and the fact that my premiums went up 22% this year. And the healthcare CEOs are raking in 10, 20, 30, 40, 50, 60, 70 million dollars each every year just at the CEO the whole C suite. Who knows what the numbers are, right? It’s obscene, it’s perverse. If the media chose I’m sure they could whip up some righteous indignation over that travesty and racket but they don’t.
And it feels–it feels rather coordinated to me on that front.
Dave Collum: Yeah, well, I view the media somewhere around the edge of treasonous in many, many ways. I think that they are–I think that they are part of an insidious–I don’t want people lying to me from either side, right? There is very few journalists just seem to try to get it right. I have become a super Tucker Carlson fan. He again, is a flawed character in many ways. But I have seen him go after sacred cows on both teams. And I used to hate him so–so somehow people think this is just some–some doctrine that I’m following, you know, some right wing thing that just follows me everywhere I go. I hated Carlson before. So, it was a real conversion for me.
But I think the guy is amazing in many ways. And so, he is one of here few guys, you can’t predict which way he is going to go until he goes there and I like that. Then there seems like you know, the Fed is so unmoored. There are so many things out there that are unmoored. The digital world is taking us to this digital gulag in my opinion. I don’t think I’m being hyperbolic. I think we’re heading for very, very bad places.
Chris Martenson: And, it’s not any one thing, right? It’s too much debt and ridiculous Fed policies, as well, lurking away on the other side is 80% of the insects are going and we don’t know what’s happening to all the fish in the ocean but they seem to be getting you know, destroyed and on and on and on. So, I have this theory that humans as an organism; we are evolutionary designed to be reactive and sensitive to our environments which makes a lot of sense particularly for an adaptive species like ours; you need to know when to go to the next valley if you sort of played this one out. And we don’t have–there is nowhere to go. There’s no next valley and we are sort of playing this one out and we don’t really have a plan for that except more, more, more of the same which has gotten us to where we are. I think that’s at least part of the anxiety people are feeling is this sense that maybe we are not all going to go to Mars, after all.
Dave Collum: Or none of us. That also applies to the American Empire. A lot of people somehow think American exceptionalism which by the way was a Stalin term, American exceptionalism we build an empire but we had what at the time was unlimited capacity to move west. And so, we had strong immigration programs cause we could populate any amount of territory and not run out and now we have hit California, right? Now you look at California; it is like a tsunami of craziness building up in California everyone is piled up out there. They are doing insane stuff in California in my opinion, politically and socially and we are now at the boundary of our expansion.
Now, again we still have a lot of acreage per capita for a lot of countries and stuff like that but we are also the system is rotting, right? Socialism has totally invaded our thinking. We got an entire generation of younger adults who think socialism is fine. I understand where it came from but I also understand it is a system that has failed without fail, right? Has failed every time.
Chris Martenson: Let me put my view in, which is, I think, we were already running socialism it’s just socialism for the .1% that’s all.
Dave Collum: So the 2020 elections is going to be: now it’s my turn, right? I wrote a lot about modern monetary theory because it is going to be about: now you are going to print money for us; and I understand their anxiety I have written hostilely about bankers and central bankers and corruption but the problem is, I go, but that is going to cause more trouble. That’s the problem.
Chris Martenson: I’m sympathetic. I agree that it’s going to cause trouble, but I’m sympathetic to it because if you are a young person you say gosh, you have been printing out money and handing it out to Jamie Diamond: why not us? Just put the fire hose this way instead of that way. It’s our turn. I get it, right? It’s going to be very harsh. Yeah.
Dave Collum: It will sell real well. It will sell brilliantly. It will sell brilliantly because there is truth, right? If Elizabeth Warren by the way, had stayed on let’s get the bankers she would be the front runner, right? But so —
Chris Martenson: No, I agree with that. Before we go too much further I got to return to the title — which is this year’s year in review is Epstein didn’t Kill Himself which I am so enjoying the memes. So this really broke through. I think this is a seminole thing because it broke through into the larger consciousness. So, I go to all these social media sites like Reddit and there are usually highly allergic in a very corporatized way to conspiracy theories. So, if you go to like the subreddit for news or world news they just poopoo and immediately shut down anything that smells like you know, mentioning that you know kerosene can’t melt steel or something like that. But this one broke through.
You now find this meme and all these clever ways that people are spelling out Epstein didn’t kill himself in public and all of that; it really broke through because it was just completely obvious that he didn’t kill himself, right?
Dave Collum: Right. Totally. Impossible almost, right? Round it to the nearest integer, zero.
Chris Martenson: So my PhD to do a little background on me is in pathology so I do autopsies. We do some stuff. We do some forensic pathology. I can tell you that to break those three hyoid bones I went out and looked online looked at all of the case–let’s put it this way–if the police showed up and your wife was found with three broken bones in her neck, you’re going to jail for strangulation cause 99.9% chance that is what happened. It is just such a signature injury for strangulation, non a slump hanging off of a bed post. Just completely obvious.
Dave Collum: And there is no bedpost in that cell. There–there is nothing to hang yourself from in that cell. I read all about the various aspects of those, you know safety cells, and there’s no posts, no rails, nothing. Your sheets tear, your clothes tear, you cannot kill yourself in one of those cells, there’s no doorknob there is no nothing.
Chris Martenson: So, take us through it.
Dave Collum: Let me–so everything is wrong with the Epstein story, right? When I write about it, it is the second topic I wrote about in the hierarchical Collum way and there is the obvious stuff that I think most people know–there are a bunch of pervs. Some people know that Epstein was hired by Bill Barr’s father, Bill Barr’s father has intelligence connections, right? But people don’t know that. Epstein supposedly went to Wall Street and with no bachelor’s degree made a billion dollars. You go yea, of course pretty easy to do, right? No one on Wall Street knows him. No one knew him. No one could say there is Epstein wasn’t like Madoff. They knew Madoff. But where did Epstein get a billion dollars?
Well, turned out he had one client. Lesley Wexner and Wexner has all these intelligence ties. So, as you and I know there is this woman called Whitney Webb who kind of pulled it all together where it turns out Epstein was has been an asset for intelligence possible multiple intelligence agencies for his entire adult life. There is only Maxwell who I tastelessly nicknamed Jizz, he, her father was Robert Maxwell, one of the most famous Israeli spies of all time. Right? And he fell off a yacht and died right in the middle of something that wasn’t very tasteful.
So, it turns out that Webb does this great job of connecting Epstein with this whole idea of the honey trap, the whole idea of compromising politicians and compromising people in power. But then what you do and this is where Michael Krieger said something to me that made sense is that you don’t blackmail them per se you just give them more power and so that you compromise them but then you pull them into your fold and you say by the way,we are going to elevate you, we are going to help you here, we are going to help you there etcetera, etcetera. Where this all connects is it turns out the Massad has huge number of former Massad agents populating Silicon Valley.
It appears to me that Israel’s remarkable tech industry it is well known that Israel has a great tech industry. Probably sort of 100% intelligence, probably 100% you know, national security and–and so there are subroutines being wedged into various programs stuff like that but Barack is amazingly prominent in Silicon Valley. So, this whole story is this whole story of this web of international intrigue, after Epstein gets convicted of pedophilia hi–his exceedingly prominent associates like Prince Andrew and Barbara Walters and Stephanopoulos and all these people, Charlie Rose, they don’t disown him. Right? I mean if you were a public figure and Epstein got convicted of pedophilia you are saying to him hey, Jeff sorry I can’t be seen with you now you’re toxic. And he was not.
And they sealed up all the cases, how do you do that? So every–these stories where every single shred make no sense. Now, I am going to disagree with one thing that you said and that is and I get the–I don’t think he’s dead. I think he’s in witness protection. Because I don’t think you can kill him. It’s real simple, right? If he’s been collecting dirt on powerful people and not getting assassinated himself, which means therefore he wasn’t threatening him with it, right? You get killed if you are threatening people with it. He is sitting in a cell and he is going to say look, get me out of here alive or I release the hounds. That is how Daniels Ellsberg released the pentagon papers. That’s what you do. It’s called a suicide switch.
And the guy has been doing this for 40 years knows what a suicide switch his. So, if you wanted to off Epstein you couldn’t do it because you trigger a wave of hits flying across the globe. So, you have to protect him. In fact the most dangerous things to them would be if Epstein got whacked by someone who wanted that release to occur. That would be the risky thing. So, I think I staged the whole thing.
The hyoid bone just keeps us chattering which they are happy to say someone offed him, right? We throw it on the Clinton body count and laugh about it, right? That’s nothing. They don’t care about the–they don’t are about offing Epstein in a cell. They care about revealing this massive web of connectivity that goes to the church, goes to the beltways, goes to Silicon Valley, goes to Israel, goes to everywhere. This is a web of people in power and influence and it’s massive. I think it’s the biggest scandal in history and they are furiously trying to put it away.
Even Prince Andrew’s interview–even Prince Andrew’s interview makes no sense.
Chris Martenson: That as such a disaster–I don’t sweat. What was that? I don’t even understand what was–
Dave Collum: I think he had to take one for the team but I don’t know how that fits into the plot. There is no logic in it. So, until you can see logic in doing that interview, you don’t understand.
Chris Martenson: This is how I know just how dirty this whole thing is–it wasn’t until I think two months after he had allegedly killed himself or a month after, the FBI finally raided his island. Which was just sitting there for the whole world to know about. And as far as I know they still haven’t gone to his New Mexico ranch. In what world where you have child porn all over the place and by the way, thank you media for making me so mad at you again because the media was always with this underaged women thing. Yeah, we have another name for that child rape.
Dave Collum: Kids.
Chris Martenson: Kids. Underage women. God, NPR did that, New York Times did that.
Dave Collum: An adult petting zoo is what I call it.
Chris Martenson: It’s awful but the investigators–
Dave Collum: I love this line I put this line in — I have to make fun of it I because it’s so sad. But I have the–the plane, the plane and then the Ricardo Montalban guy responded he said yes, unshackle the girls. And then there’s stuff like how do you seal up a civil case in which the women in the civil case are saying this guy raped me?
Now, I know for a fact that they–the judge in that case is by law required to pass that to the authorities and they didn’t. They sealed it and it was the Secretary of–what was the cabinet Secretary he was a cabinet member with Trump? Secretary of Education-it wasn’t education something like that though. Yeah, labor. And then, he re–he retires he says okay I’m out of here. He admitted he sealed the case because Epstein was intelligence. And where is this Gizzel Maxwell, right? Why isn’t she being interrogated? Why isn’t Gerschwitz under the–the hot lamp? Cause one of the women in the transcripts said Gerschwitz she put right at Gerschwitz.
Chris Martenson: Yeah or Bill Clinton or 100 other people who should all–if this was a year in my pay grade down here you know the FBI would be having us hauled up and put down under oath and taking statements, right?
Dave Collum: They’re never going to go. They’re never going to do it.
Chris Martenson: Yeah. And that’s why I think this is of such importance because it now broke into the public awareness to the point where people are getting oh my gosh there is two sets of rules in play here, obviously. And of course we saw you know we always know that justice is a two tiered system. It is now becoming more obvious and it is really starting to grate on people more and more, right.
Dave Collum: Let me point out one thing and I am not going to divulge I don’t know if you got that part yet or not but the question that is well then who is the dead guy in the gurney? I am going to make your readers read it. The dead guy on the gurney there is a theory of who he is that is so funny you will wet yourself when you read it.
Chris Martenson: All right, I’m going to go hunt that down as soon as we are done here because I am super interested in that. I did see the pictures of him allegedly being wheeled out on a gurney and somehow the nose and the ears don’t quite line up. All I can think is–
Dave Collum: There is a guy whose nose and ears do line up and you are just going to wet yourself when you see who that is and he died three weeks earlier–he died three weeks earlier–cause unknown.
Chris Martenson: Oh, okay. Well–
Dave Collum: You can search it.
Chris Martenson: I have to go through this crazy sort of thing like oh maybe he died and you know, fell on his face and his nose and his ears got smooshed. I couldn’t make sense of it. They don’t line up with him if that is a real picture anyway. So all right well speaking of this two tiered thing you were writing on gold manipulation you wrote that “two employees were put on leave while Jaime Diamond nothing ever happens. A prosecutor closed a five year silver manipulation case abruptly. Five days later he was in private practice defending the very same JPM metals manipulators.”
This is just, it is just so blatantly in your face that it is a corrupt system at this point in time and so you spent time sort of chronicling all of it, but it is almost too much to keep up with at this point.
Dave Collum: That again with finance I think I am going to return to the financial topics when stuff starts happening and when the system starts breaking again, then it is going to be pandemonium. Right now, all I can do is write about things that just look wrong and I can write about things that look incredibly risky, and I can write about how a world record awfulness in so many ways. But the average person looks at their 401k and says look, I am up 20% this year. I say go read last year’s. It has gotten worse. That’s it.
Chris Martenson: Yeah. Yeah. It is just getting worse and worse and, of course, some of that is just sort of bubble dynamics and you know I can’t figure out when the plug is going to get pulled on all this. I for one think the fed is just freaking out. I would like to turn now to the whole idea of what is going on with this repo madness. And I think the best explanation I have heard so far just came out recently from Martin Armstrong and he said look, nobody actually has a clue what is going on here right now we just know something’s not quite right. All you need to know when the repo market is blowing out is that the four big banks in control of most of it aren’t interested I lending to other parties even overnight. That means trust is broken. We don’t know what it is in the cheap seats, yet. To me, the Fed is obviously panicking and either lying about it or being ignorant about it. Either way, I don’t feel comfortable with any of that stuff. What do you think is going on there?
Dave Collum: Well, I wrote a lot about it I listed all the theories that I have been able to collect over the year and I put out an APB on Twitter and I got a lot of highly authoritative answers that vary all the way from Zero Hedge conspiracy theory to Hillary to Donald to Jaime Diamond shaking down Powell. There is just a gazillion things. So the one that I opened with and then had everyone tell me I was an idiot is that the banking system is an emergent system which means it basically has a mind of its own and — and once in a while it just goes crazy, right — it is like when the fish all of a sudden wash up on shore by the hundreds of thousands. No one knows why that happens, right?
And so, every once in a whole the banking system just has a coronary and I think in this case it’s not just the banking system it’s the shadow banking system. I think you’re right. I think Powell is terrified and if he’s not, then he really is an idiot but I am suspecting he is terrified. And they keep trying to normalize truly extraordinary behavior, and so this smacks of a tremor, right? This smacks of sort of San Andreas fault stuff and they are trying to furiously put it away. They are trying to find a way to calm it down. But if it is meta stable it is just a matter of time, right? And they say the banking system is stable. They say the banking system is in much better shape because of Dodd Frank blah, blah, blah.
I go okay, right now 39% couldn’t have gone like 39% of corporate debt is junk. Now, I’m not sure I’m saying it is rated junk, it is garbage and you got the leverage. But 39% of corporate debt is junk and when that junk goes bidless how is the banking system going to be doing?
Chris Martenson: Well, there’s that and there is all the cove light and leverage loans which don’t give them a lot of protections.
Dave Collum: It’s all crap I mean it’s super crap. It’s super garbage.
Chris Martenson: Yes and we had the PIS last year and say hey, not for nothing, maybe you should pay attention but one in eight companies is a zombie, meaning it can’t even–their operational cash flows don’t even cover the interest payments so they have to keep tapping that endless credit market to keep the bid going. So, that is what the Fed is trying to do here to make sure the credit markets are always amply supplied but the longer they do that the more the junk piles up. So, we haven’t had a brush fire and I think we are facing an Australian crown fire at this point if anything does get started and they don’t want anything to get started. So, everything has to keep going up. It’s just such a ridiculous system.
Dave Collum: Why do you think the BIS is so honest? The BIS seems to be the only source of non-Pinocchio like pronouncements. It’s a fascinating question cause they are kind of the bank of banks, right? They are the kind of the top of the food chain they should be in subsets that are lords right? But they come out and say stuff you go, whoa–who that should people and it doesn’t.
Chris Martenson: I agree. Some of the best papers I have read came out of the BIS including you know one that said talked about openly the–the ways in which central bank scan hide their tracks so that they can more effectively manipulate currencies cause blah, blah, blah they use proxy agents. Like they make the whole thing out–these are the things we have studied that work well. And so, I’m thinking if the central banks a decade ago were using proxy agents such as JP Morgan at all to go out and manipulate currency markets, what other markets would you think are off limits to central banks who decide that they as a small unelected cabal of people know best what the price of stocks ought to be, gold, currencies, I mean everything. I think they feel they are responsible for setting the prices of everything without studying history and discovering that price setting is not usually an optimal way to go.
Dave Collum: Right. It’s the way the Soviets tried; the Soviets set prices right? And–and the Fed things they are in charge of setting prices. The Soviets actually were trying to cheat because what they were doing was setting the prices watching U.S. prices and saying okay we’ll just covertly just set our potato rates at the same as the US–and therefore we can kind of fake it. And not recognizing that well maybe potatoes in Russia aren’t the same price, right? Maybe the supply and demand curve is different. So, it didn’t work. Now, you have the central bank they think they are in charge of climate change. They think they are in charge of, they think they are in charge of Brexit. Then you got that wacky, wacky, wacky Bill Dudley memo that he wrote; the former head of the New York Fed he writes an op ed in the New York Times saying to the extent the President is a risk to the economy it’s the Fed’s jurisdiction to worry about who is president, right? That was extraordinary.
And then he in the, Wall Street Journal came out, wrote this op ed and said holy cow. This guy is trying to tell us that the Fed is politically independent and then Dudley writes that–the Wall Street Journal was absolutely unambiguous in their shock that Dudley would write that. And then Dudley backed up and said, this is not about the deep state. This is my opinion. There is no cabal. And I am going, dude thou doth protest too much, right? So the question is–why did he do it. Why did he do it? Why did Mark Carney talk about the dollar losing reserve currency status? Why did Dudley talk about–about, you know, overthrowing the Presiden
– Peak Prosperity –
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