Of course Trump couldn't do this on his own. This was a biblical scale circle jerk led by Faux News. History will say that Faux News was infotainment pablum for spoiled idiots who could no longer handle the truth. An entire station dedicated to brainwashing historical illiterates.
Orlov: License To Kill:
"George Orwell once offered an excellent explanation for this phenomenon: as the imperial end-game approaches, it becomes a matter of imperial self-preservation to breed a special-purpose ruling class—one that is incapable of understanding that the end-game is approaching"
I would change that to special-needs not special-purpose.
To be sure, CNN and MSNBC have devolved into politicized crap. U.S. news is by far the lowest quality in the developed world. NPR being the sole exception. The corporate versions are 100% garbage infotainment. Nevertheless, the forerunner into 24 hour brainwashing was Rupert Murdoch's progeny. What happens to every late stage empire when the inconvenient truth becomes "liberal". At that point an opportunity opens up to assure the dumbed down populace that everything is A-OK and that the widening cracks in the facade are merely a left-wing conspiracy. Propagated by commie pinkos who don't know exceptionalism when they see it.
Next thing you know, a known con man is deemed saviour.
All of which fraud circles the toilet until the entire farce gets unexpectedly shit canned amid decade high euphoria.
Which brings us to now.
The formula for Faux News is to recycle the same myths over and over again ensuring to never question the underlying assumptions. Which is how they convinced 95% of today's economic pundits that the Trump economy is sound when it's the biggest fraud in world history:
"Ninety-five percent of participants in a Deutsche Bank survey of investors, economists and other market participants released earlier this month said Trump, a Republican, was either “extremely likely” or “slightly likely” to win the general election."
95%. A staggering number of fools who are now convinced that printed money is the secret to effortless wealth.
No stimulus safety net for the first time in U.S. history. Featuring the lowest global interest rates in world history.
Borrowed GDP at 5% and a fully monetized deficit at 5%. For a total 10% of pro-cyclical stimulus. Unprecedented.
A Coronavirus raging out of control.
No sign of hedging.
A society euthanized by central bank dopium. Fully Japanified.
But most significantly, amid record low interest rates and excessive risk taking is the overwhelming desire to monetize poverty. The conditioned response to believe that global deflation is a buying opportunity.
The entire developed world economy now put at risk due to a conditioned zeal to believe that extant poverty is a financial opportunity.
The greatest economic issue of our time - underemployment, is never even discussed. The continuous factory churn of quality jobs into the lowest quality junk jobs in modern history. The quiet and yet incessant conversion to a Third World economy. In broad fucking daylight.
Embraced by an Idiocracy celebrating the surfeit of crap jobs as labor share of the economy collapses to all time lows. Conditioned to believe solely what they are told to believe. By 95% of pundits, all of whom are brain dead.
Now featuring an entire society conned to believe that they can ALL retire via a zero sum Ponzi scheme.
Conned by a known con man. The Creator's retribution for desecration. We can only assume.
What comes next will be beyond description. Beyond words. Trump's approval rating will collapse like a cheap tent. Bernie Sanders will rise with every tick lower in the imploding Dow Casino.
Fear will be extant. Compounded ten fold by the Corona plague and the incipient lurch towards global depression. An old age home hiding under the bed. Probably too afraid to even come out and riot like all good societies would do.
Of course central banks will panic and flood the crash site with liquidity. However, the fuselage will be destroyed. It will be like pouring gasoline on a roaring fire. The sheeple will lose all confidence in central banks.
QE will be flaccid.
At some point - who knows exactly when - they will pull the trigger and unleash MMT for the masses. Free money flooding the money supply.
That will feel good for a biblical moment maybe a while even as the slack from deflation slowly dissipates. At first people buying foodstuffs and essentials. However, eventually prices of investment-grade items - homes and cars will reverse higher. And eventually they will explode higher, at which point today's fiat currencies will be destroyed. Rendered down to wheel barrow money.
What these morons do after that is a story for another time. I predict a barter economy aka. human history's largest yard sale. With enough stored corporate crap to keep markets saturated for the next 100 years.
Brace for wholly unforeseen hardest landing.