Good morning Investors! A bit later today, I'm going to sit down for our usual post-F.O.M.C. "long form" podcast with The Prospector News' Mike Fox for the post-mortem on yesterday's ominous Fed meeting and market reaction. Follow along to see why both the Fed and Trump are in trouble!
In the matter of a mere few hours' time yesterday, we got a taste in spades of the kind of world I've been warning will greet President Trump officially come January 20. Mike and I will go through everything from the most disingenuous (though tactically so, for now) press conference from Fed Chair "Fire Marshall Jay" I can remember.
So be on the lookout for that. As always, we'll both post it first on social media (if you do not already follow me on "X" and Linked In especially, make sure to fix that--links are at the bottom of this note.)
And it will be a part of my "weekend homework" email following that as well, along with a BRAND NEW interview of America's leading expert on the uranium market and nuclear energy: my long-time friend Scott Melbye.
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For present purposes, I want to speak to an intractable danger especially to the agenda of Trump 2.0.
Yes, the renewed president will be starting his second term politically with a better hand and an assortment of FAR better allies, for the most part, than during Trump 1.0.
We saw the latter yesterday, when Elon Musk (chiefly, but with a few others) blew the whistle big-time on the monstrosity of a spending bill (and more) that House Speaker Johnson was attempting to rush through Congress ahead of the Christmas break and before the new Congress is sworn in a couple weeks hence.
But on the economic and especially fiscal fronts--and as I often pointed out during the campaign--the new president will take the helm anew at a time when the bond market vigilantes are ever more going to be setting the agenda.
Jerome Powell has to play ball with them.
PRESIDENT TRUMP DOES NOT; but whether he'll have the wisdom and courage to see that his agenda does NOT have to be held hostage to the debt-choked markets and take the bold steps necessary to pursue it remains to be seen.
But there is, at least, the opportunity!
I discussed this recently with my friends Craig and Shelly Huey of The Huey Alert podcast, which you can watch/listen to RIGHT HERE.
For all the good personnel (best exemplified by the three hats North Dakota Governor Doug Burgum will be wearing) changes and the like, Trump MUST implement an aggressive, pro-growth agenda in what today will be seen as somewhat unconventional ways.
In short: as a matter of simple mathematics, there is insufficient (woefully so, in fact) money that will be available to do what's necessary to meet our needs on infrastructure, the energy addition, reshoring of ALL our various extractive industries and their appurtenances, affordable housing, dilapidated power grid and so much more.
One key and foundational way in which President Trump can move things in his--and America's--favor, I explained, is by embracing and supporting the creation of a National Infrastructure Bank.
You have heard me expound on this a number of prior times; most notably in an episode of my own Your Money Today podcast you can tune in to RIGHT HERE.
In my visit with Craig and Shelly I likewise explain how and why this--and preferably additional, bold monetary moves--will be the difference between Trump 2.0 succeeding in a huge and historical way...
...or crashing and burning, the legacy instead being ever more piles of debt, economic stratification and more, given that simply relying on deregulation (a LOT of that will be good to be sure!) and warmed-over trickle-down economics CAN'T--again, as a matter of simple math--do the job alone.
I will, of course, be keeping you up to speed on this and related initiatives, in part as I work with others to (hopefully and prayerfully) make this all happen.
But for those of you interested, you can get a detailed version of the story from the horse's mouth by joining a Zoom meeting this evening at 8:00 p.m. Eastern time; CLICK HERE to register.
The Coalition for a National Infrastructure Bank has assembled a host of academics, monetary policy experts, elected officials and more for an initiative which--though it will again die in the present Congress, unacted on so far--does have 40 some-odd co-sponsors and has been steadily gaining momentum.
This evening's panelists will include:
Dr. Nomi Prins, author, and former Managing Director Goldman Sachs, Los Angeles
Assemblyman Alex Lee, sponsor AB 11 in the California Assembly, “The Social Housing Act”, Milpitas CA
Sarah Saadian, Senior Vice-President of Public Policy and Field Organizing, National Low Income Housing Coalition, Washington, DC
Assemblywoman Joanne Simon, Brooklyn NY
Delegate Lily Qi, Montgomery County, MD and
Alphecca Muttardy, former Senior Economist, International Monetary Fund, Fairfax, VA
And for more background on the N.I.B. initiative, visit the Coalition's web site RIGHT HERE.
All the best,
Chris Temple
Editor/Publisher
Thursday morning, December 19, 2024
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