Bill Goggin

Sorry, this has the macro and money completely backwards — as does most of Pettis’s stuff.

I've read this three times and still have no idea what it means. Bet Wolf doesn't either.

'Increased investment will always be accompanied by increased saving, but it can never be preceded by it. Dishoarding and credit expansion provides not an alternative to increased saving, but a necessary preparation for it. It is the parent, not the twin, of increased saving.'

'investment financed by savings' - loanable funds fallacy discredited by Keynes nearly a century ago and inconsistent w endogenous money

There Were Five Million People at No Kings Marches and the Media Lied About It (Except Stephen Colbert) The No Kings marches on Saturday were likely the biggest day of protest in the history of the country and the media downplayed it almost everywhere.

The No Kings protests were the largest in the country's history and the media lied about them, this is a huge problem substack.com/home/post/p-... We need better media if democracy is to survive.

With respect to @judah-grunstein.bsky.social, he's mistaking this for something it's very much not. Thread.

we already live in a world of corporate coins

the future is already here, it’s just unevenly distributed

for example, kids around the world learn about not just money, but “value,” by playing video game that involve payments denominated in multiple corporate units of account

“The unitary executive theory has long been a darling of the Republican legal movement.”

Make that the “IMPERIAL unitary executive” and you have the driving force behind it all.

Failure to recognize and push back the plan will be our doom.

Selection bias is a hell of a drug.

Foreboding quote from a previous piece:

“Why would Trump want to cut off the rest of the world until they end their trade deficits with the United States, as well as cut off foreign aid, but be okay with Jay Powell and the Federal Reserve lending trillions of dollars to foreign central banks?”

“It’s hard to even think about what 80 trillion dollars of obligation to pay U.S. dollars even means. It shouldn’t surprise us then, given the size of these numbers, that whatever is going on with the dollar is found in the ‘dollar swap market’.”

That’s the plan.

“But the ‘Don’ is guilty of something more dangerous than the disruption of the global trading system. He is also threatening the stability of the global financial system.”

The real danger is that he doesn’t care. Indeed, blowing it up, is consistent with his ultimate desire for regime change.

Make no mistake:

It’s not about tariffs, or trade, or industrialization, or China.

Or efficiency, or fraud, or making us wealthier.

It’s about settling scores, amassing and centralizing power, and total regime change.

Until the battle is engaged on those terms, there is no hope of stopping it.

Tie it ALL together.

Great conversation.

I would add only that “they” have decided that their two fears — falling birth rates and AI — cannot be addressed within existing democratic structures and institutions, the administrative state, laws, and norms.

And can only be addressed with an imperial unitary executive.

“We are at a moment right now where people are asking themselves why can’t the Democratic Party defend this assault on democracy . . . and I would submit to you that if you can’t draw the line at genocide, you probably can’t draw the line at democracy.” — Ta-Nehisi Coates

“Why would Trump want to cut off the rest of the world until they end their trade deficits with the United States, as well as cut off foreign aid, but be okay with Jay Powell and the Federal Reserve lending trillions of dollars to foreign central banks?”

Trump Maintains 104% China Tariffs as U.S. Officials Signal Openness to Talks President Trump’s next round of tariffs on major trading partners goes into effect just after midnight, bringing levies on China to at least 104 percent.

Pretty funny to see a Republican president boasting about imposing the largest tax increase on American workers ever www.nytimes.com/2025/04/08/u... They've come a long way from "read my lips, no new taxes."

This being destroy the best of America.

As it’s been from the beginning.

Imperial Unitary Executive

“I don’t care what any of you think, I can shut it all down, here and everywhere, and I will for any reason, and there’s nothing you can do about it.

“Displease at your peril.”

Make no mistake: That’s where we’re rapidly headed folks.

“I still think, as insane and dangerous as these tariffs are, that the tariff story is still less important and less dangerous than what is happening on the payment system side of the Trump administration’s chaos.”

And stimulate the economy?

👍🏻

“Well-positioned” = “Trapped”

Not for long.

We are *changing out* the machine — from what now exists (democracy?) to dictatorship (autarchy?).

The tariffs (as potential revenue source and replacement for the income tax) are key to the transition.

Key to centralizing spending with the dictator, away from the Congress.

Unitary executive.

If the U.S. had an opposition party that opposition party would have a bill rolling back these tariffs and radically reducing executive discretion over tariffs already written and would be targeting individual republican congresspeople to pressure them into voting for the bill

Just a Brick in the Wall

Tariffs based on lies, inviting a trade war and recession, are a *key* step in tearing down every last vestige of a liberal, diverse, egalitarian,
knowledge society.

Foaming the runway toward fascism.

Ignore their ultimate purpose at the nation’s peril.

Think it through.