Economic expert and best-selling author, David Stockman, offers a dire view of the deep financial trouble America faces in his new book titled “Trumped!” [in which he is quoted as saying] “The rubes are revolting, and they are revolting because they can see the system is rigged. These people are fed up, and they have had enough, and I think this is where Trump is coming from. . . . I think we are at an inflection point where someone is finally challenging the Wall Street/Washington elites. Trump is kind of a wild man in some ways, but he hasn’t spent the last 30 years in Washington drinking the Kool-Aid.”
The comments above and below are excerpts from an article by Greg Hunter (USAWatchdog.com) which may have been enhanced – edited ([ ]) and abridged (…) – by munKNEE.com (Your Key to Making Money!) to provide you with a faster & easier read.
Stockman warns, “I think we are on the very edge, but what is different this time – and makes it scarier – is that the central banks…have violated every principle of sound money and sustainable finance that mankind has ever learned about over many centuries. They have taken us to the edge, but they are out of dry powder…They are out of dry powder and out of tools, and therefore, the financial markets of the world are more vulnerable, maybe even more so than in 1929. You are talking about a bond bubble like never before imagined or conceived, and the stock market is the same way – as well as derivatives.”
All this financial malfeasants and engineering was fantastic for the one percent, but everybody else got the shaft. For example, says Stockman, the in the last 30 years “The top 1%’s wealth has grown by 300%, and the top “Forbes 400” wealthiest people in the world had their wealth grow by a staggering 1,000%.” Meanwhile, the “bottom 90% of Americans have seen their wealth steadily deteriorate. This has benefited a very narrow slice of the population. You can call it the 1% or the bicoastal elites who own most of the financial assets.”
Stockman, who was the White House Budget Director in the Reagan Administration, says this is the single biggest reason that created a groundswell of support for Donald Trump, which may catapult him into the White House. Stockman explains, “This is the point of my book . . . . I wanted to address why this phenomenon is happening. He wasn’t given a snowball’s chance of making it through the first Republican debate, let alone the Iowa Primary, let alone the nominee for the GOP Convention, let alone ahead in the polls this week as we speak, so none of this was remotely expected by the mainstream media who obviously drink the Kool-Aid and think everything is all fixed, and the Fed are great heroes and Obama has saved the economy [but] I don’t believe that at all.
…I wrote the book to try to explain why there is so much economic pain in fly-over America, and link that to the wrongheaded policies of the Fed and explain what I call the revolt of the rubes. I don’t use the term “rubes” in a condescending way [but in reference to what] the so-called sophisticated press…[who] think they are enlightened ones and think the rest of the country is kind of dimwitted and don’t get it.
The rubes are revolting, and they are revolting because they can see the system is rigged. These people are fed up, and they have had enough, and I think this is where Trump is coming from. . . . I do think we are at an inflection point where someone is finally challenging the Wall Street/Washington elites. Trump is kind of a wild man in some ways, but he hasn’t spent the last 30 years in Washington drinking the Kool-Aid.”
Stockman’s view of the wealthy buying gold is most sobering and illuminating. Stockman contends,
- “I think some people are realizing the central bank era of bubble finance and massive money printing is leading to a dead end and some kind of crackup phase in the world monetary system and a breakdown of confidence in the central banks.
- I think what this means is when the market loses confidence in the current regime, when they no longer believe the Fed has your back, that there is a put under the market or that they know what they are doing, when that confidence finally evaporates, the monetary system will be in crisis.
- I think gold prices will soar because it will be seen as the last refuge of monetary assets that are outside the purview of the control of a failing central bank system.
- I don’t think we have seen anything yet. It’s only a matter of time…[until] we see the gold price revisit the $1,950 per ounce price that was achieved a few years ago – and it probably goes well beyond that.”