Trump’s Karma Just Hit All At Once…

When it rains, it pours. And when there is a storm, it is a perfect storm from the Trump regime. And that's what happens when your economic policy is basically a massive Ponzi scheme covering up one idiotic decision and perhaps fraudulent decision with another. I mean, as you take a look approaching this weekend at some of the data where you have WTI crude up to $91.85, Brent crude hitting close to $105 a barrel. You take a look at the average price of gas. We're paying here $4.37. That's what the average is, but I'm sure where you are, it's far more expensive than that. The nationwide diesel average is $6.27 a gallon. You look at the. The bond market not doing all that great. The U.S. 10-year treasury yield risk. There's a real risk that, I mean, right now it's hovering in this 5.2% range. The 30-year is much higher and the 20-year is higher. But there's a risk that we could be at a 6% for the first time since 2000. And that's not fear-mongering. I mean, that's very possible. And then with all of this going on, we're talking about oil and gas closures all throughout the Gulf. We're talking about oil and gas closures all throughout the Gulf of Mexico because of the hurricane that's hitting. Over a third of oil platforms have been evacuated. 72% of oil and 59% of natural gas production has been shut down in the Gulf of Mexico. And, look, this is something that the overall system could withstand on its own. But when you start to add up the various layers of this kind of Trump regime, Russian nesting, doll of economic deceit and trying to cover up one issue with the next, you have a massive problem on our end. The oil isn't coming out of the Strait of Hormuz the way it did before the war started. And so the Trump regime, we'll do another video on this, is left to try to come up with some, in my view, horrific and traitorous deal with Russia for Russian diesel, which to me violates so many laws here, doesn't actually material make a difference. And, you know, we're not going to be able to do that. You know, screws with broader international relations is an understatement while all these economic crises are brewing and they've percolated. And so, you know, when things are going really bad, they often are, the Trump regime rolls out Peter Navarro, one of their top national economic advisors, basically to just start yelling at the press, you know. And normally, again, at the highest level of economic policy, you want people with steady, stable hands and behavior. But this was Navarro's press conference yesterday, shutting down a CBS question on a pretty basic area. He just didn't want to talk about it. He wanted his propaganda points out there. No questions. Watch what went down. Play this clip. Oh, we're pivoting that way. No, sorry. I'm wondering about manufacturers that rely on diesel-powered machinery. Just hand the microphone over to the next person. It's like, folks, you've got to learn, okay? There's a lot of stories in the world. You can't just be. You're a young person. Don't be a sock puppet for your liberal producers and work as an agent to interfere with this election and crap like that, okay? Yes, ma'am. They're like a soundstage? Like, what kind of janky production is like? There's like three people there, and he's yelling at one of the three people that are there for our audio listeners. So then he goes and does a presser outside of the White House where his whole point is just to attack, to attack Fox, which I call state regime media. Here, play this clip. It's unfortunate that much of the media is not covering this. Today, across the street, I held essentially a press briefing that had much more numbers and things like that, much more fulsome that you could participate in. But Fox boycotted it. We didn't have CNN. There are MS now or any of that stuff didn't have CNBC, Bloomberg, and it's just the White House. It's like their responsibility to cover stories like this, but particularly going into election and particularly with their anti Trump thought process, they are doing everything basically to convince you not to vote Republican and to turn the House in the Senate. They are doing everything specifically to convince you not to vote Republican and to turn the House in the Senate. that they've created and going back to Liberation Day and Liquidation Day to the present, this is all mounted. And that's my biggest fear is, is the future too. I mean, it's right now people are hurt, but all this stuff is piling up on top of each other, each fraud over the next fraud. So how do we deal with that? Yeah. So, you know, we started at some level talking about economic or political ideologies, worldviews, and perspectives, but I actually think what's going on in the current moment comes down to something far simpler. And it's far simpler, which is simply, this is a crisis of competence in the White House. Peter Navarro, who you began with, is absolutely a third-rate economist. He was a nobody before this administration began. I'm an economics professor. I'd never come across any of his work. And the story goes that Jared Kushner, the president's son-in-law, was looking on Amazon for someone who would defend the president's views. And he found exactly one book written by exactly one lunatic that would defend the president's absurd views about international trade. And so they brought that bloke in as an advisor, and he is the walking toxic masculinity that you just showed a little earlier. You know, it's an interesting thing. You look back at past White Houses and the people who've staffed them, and it's actually been remarkable. The American people have been incredibly fortunate over the past 50 or 60 years that we've had literally a large number of Nobel Prize winners in the history of the United States. And I'm not talking about left or right. I'm just saying when you're the president of the United States, you can basically call anyone in the country and say, your country needs you. Come and serve. And as a result, they're typically choosing from the best dozen or two or three dozen economists in the country. None of those economists are working for this White House. And so you see it in the bumbling on Liberation Day. You see it in the small stuff. My favorite part of Liberation Day was when they put tariffs on the hurt in McDonald Islands, a small rocky outcrop outside of Australia, literally inhabited only by penguins and seals. Rather than admit a mistake, they came out and defended that and said it was actually incredibly important that Australia not start doing transshipment via its penguins, forgetting that it's very difficult because those penguins don't even have a port. It's not just about that. The president's recent policy announcements about how he's going to get more diesel into the economy, how he's going to get more oil into the economy, he's going to get more diesel into the economy, how he's going to get more diesel into the economy, the staff would have looked the chief in the eye and said, look, boss, that won't work. That's dumb. These guys, I don't think you're doing any analysis whatsoever. You see it time and time again, and they're not delivering frank, fearless or useful advice to the president, you know, and who even knows whether he'd take that. Yeah. And I want to throw it to you for the concluding words, but what you say right over there, I don't even think there's a way to do it. I think there's a way to do it. I don't even think they're doing analysis. You know, I mean, you kind of pointed out like, is Besant doing like testosterone injections? And is he trying to, you know, be this like performative, you know, Halloween character of what he thinks, you know, that position's supposed to be? And is, you know, the power of the White House is, you know, or is it just their maliciousness that's driving this? But it's like some of the dumbest stuff. Like, yes, it's evil, but it's dumbest stuff. It's like, do they even know what a treasury yield is? I mean, do they understand the way the bond market works? Do they understand that crude has to be refined and the process of where diesel is made and just how these pipelines work? Because I'll tell you, our allies or former allies are staffed with some of the best and brightest people. Our adversaries are staffed by PhDs. And, you know, and underestimate them at your own peril. But they staff up with some of the smartest, most sophisticated people in their country. And it seems that we're staffed up by dystopian reality show characters that frankly look like an episode at the boardroom of The Apprentice. And it's just dumb. It's some dumb stuff that keeps on resulting in failure after failure. And it just rips apart the credibility and the full faith and credit in the United States. Give me the final word. Yeah, no, I think you're absolutely right. You're a little less polite, or maybe I'm a little too polite. I call it a crisis of competence. You call it dumb. Let me just say that we agree. The statement that I want the audience to understand is, as a professional economist, I can run my eye over the people running economic policy. And I can tell you they're no one's dream team. It's the least qualified economic team. of my lifetime and it's not even close. But you also don't need that form of analysis. You can actually look at what they do. I remember when there was a so-called British trade deal, by the way, no deal being, there is no deal, was published on the White House website. It was called something like British trade deal revised, revised, underscore final, underscore this time we mean it, and had the date. And the date was either, you know, 10 minutes before the press conference, or maybe it was the night before. Like it just shows that they're not doing their work. The president signed an executive order the other day in which he was described as the president of the untied states, the spelling error. Now, look, I'm not going to get after anyone about a spelling error, but what I am going to do is be informed about what that tells me about how hard they're working. I don't know about you, mate, but my computer even spell checks my email. So I dash off a short missive to a friend and unless I'm thumb typing, there's no spelling error. So I don't know about you, mate, but my computer even spell checks my email. So I don't know about you, mate, but my computer even spells my email. So I don't know all I'm doing is saying meet me for lunch next Thursday. These guys are trying to set global economic policy. Frankly, you and me and our audience deserve a little more effort than they're putting in. Everybody make sure you subscribe to Justin Wolfer's YouTube channel. It's called Platypus Economics. After this video ends, search Platypus Economics, subscribe, watch some of Justin's videos, tell him I say hello and also honor here at the Midas Touch Network to have Justin also as the Midas Touch. Chief Economist. Thanks, Justin. Pleasure.