Again, I subject myself on weekday mornings to CNBC.
I do find it to be the most entertaining and informative morning show. Which absolutely is damning with faint praise.
And the entertainment and information CNBC provides me – is mostly accidental and unintentional.
Because watching Big Media provide Big Government – and Wall Street and its Big Businesses – a megaphone to continue its America-destroying message? Is, sardonically, entertaining and informative.
As noted in our headline, that Big Gov-Big Biz-Big Media message is:
“All is well!!! Keep sending us your money!!!!”
It’s like watching an endless parade of Animal House Kevin Bacons. Standing in the Street telling us to remain calm and continue business as usual – as what’s left of America burns to the ground.
All telling variations of one of the hugest lies of the last half-century-plus:
“What’s good for Wall Street – is good for Main Street.”
The latest ramp up of this messaging idiocy – has been throughout the exceedingly awful Joe Biden Administration.
Big Media has remained steadfastly flabbergasted that Americans keep noticing the economy is terrible.
No matter how much and how hard the Big Gov-Big Biz-Big Media Complex does its Kevin Bacon impersonation.
For its part, Big Gov lies incessantly. About the economic data. About economic growth. About jobs created. About inflation.
To obfuscate its massive corruption and incompetence. And to justify its continued steal-and-waste – of the obscene amounts of our money it steals-and-wastes.
For its part, Big Media parrots and trumpets Big Gov’s lies.
In no small part by presenting as guests an endless parade of Big Gov and Big Biz stooges – to parrot and trumpet Big Gov’s lies. To keep We the Fleeced sending DC and Wall Street all of our money.
This is just about the entirety of CNBC’s business model.
So it was with keen interest that I watched CNBC last Tuesday give extended air time to Paul Tudor Jones.
Jones is a hedge fund manager – and (natch) a billionaire. But he was not singing from the sheet music:
“This (election) is binary…in the sense that ‘What is the Market’s response going to be – to either candidate if they win?’
“So we can either continue the path we’ve been on. Or we may have that point of recognition where all of a sudden the markets have different ideas than what the candidates have been espousing….
“I have also (changed my thinking – and investing – to reflect what I think will be a Donald Trump victory)….
“Where we are – is an incredible moment in US history….The debt trajectory that we’re on. We’ve gone – in the space of 25 short years – from debt-to-GDP at the federal level from about 40% to almost 100%.”
I must stop here – to correct Jones.
We are WAY past 100% debt-to-GDP. The 2023 US GDP – was $27.36 trillion. The current federal debt – is $35.8 trillion.
That’s a debt-to-GDP – of 130.8%.
Oh: And The Feds are $1.8 trillion short this year. So put that on the pile.
Oh: And Congress hasn’t passed a budget since 1996. So good luck with addressing ANY of this.
Jones continued:
“This is obviously something that can’t go on forever. It won’t….After this election – with all the tax cuts being promised by both sides, and the spending plans – I mean, they’re handing out tax cuts like they’re Mardi Gras beads.…It’s crazy what’s being promised.
“After the election…you have 7-8% budget deficits as far as the eye can see….
“I think under Trump the deficit goes up $500 billion per year. Under Harris’ plan it goes up an additional $600 billion planned per year.…
“I think those (plans) have zero chance of being enacted….I think the markets – the debt markets, for sure – the treasury market won’t tolerate it….
“Financial crises percolate for years – but they blow up in weeks….
“This election becomes one of those seminal points….’Let me really think whether this proposition the US government is making me – is actually something I want to participate in?’…
“Let’s assume that I’m making $100,000 a year. And you’ve lent me…$700,000….And I come to you and say…’I’m going to pay all that back to you in thirty years.
“‘But between now and (then) – I want to borrow $40,000 every year, for the next thirty years. And then at the end of thirty years – I’m going to pay you the whole thing back.’
“Would you lend me that money?…
“That’s actually the proposition that the US government makes to every bond holder today….
“We owe $35 trillion. Our (annual) tax take is $5 trillion. We owe 7 times what our tax take will be this year….And our deficit is $2 trillion. And it’s $2 trillion right now – as far as the eye can see….That is the proposition the US government is making to someone who buys a 30-year bond….
“In (pro wrestling) there’s a term…called Kayfabe…that represents the unspoken, unwritten tacit agreement between the wrestlers and the fans. About the illusion that’s going on in the ring. The suspension of disbelief that what’s going on in the ring – we know it’s scripted, and we know it’s a performance. But they ask us to think it’s genuine and real….
“We’re in an economic Kayfabe right now. And it’s not just the United States. It’s in the (United Kingdom), and France, Greece, Italy, Japan. Japan being the biggest of all….
“The question is: After this election, will we have…a moment…where there’s a point of recognition that…what they’re talking about is actually fiscally impossible? Financially impossible?”
I don’t think Jones thinks we will.
I absolutely do not think that’s the way to bet. Or invest.
In no small part? Because the entirety of the Big Gov-Big Biz-Big Media Complex will go out of its giant way – to ensure none of this ever again occurs to you.
The way it’s occurred to Jones. And a precious few of the rest of us.
Editor’s Note: This also appeared in Townhall.