by David Stockman
International Man
We surely are not surprised. Donald Trump is off to an exceedingly bad start, chasing hobgoblins by the name of Canada, Greenland and Panama. Yet these utterly insensible digressions are just more proof he has no coherent game plan to contend with the fiscal and financial time bombs that are going to be detonating all around him after January 20th.
We are referring to the mother of all fiscal crises that will be triggered within months when the US Treasury runs out of both cash and borrowing authority under the $36.1 trillion reinstated debt ceiling. And that may not even be the first inning. The stock market has now reached a point of such extreme “irrational exuberance” that even Alan Greenspan couldn’t have imagined it when he invented the term several decades ago.