25 May 2016

David Stockman interview on Cavuto today.

  • At least [Trump] recognizes that 19 trillion of debt is more than we can live with, that if we continue down this path it will be 30 billion within a decade.
  • It think he at least has some sense that debt can be dangerous.
  • So, my point is, one way or another, with outright default some day down the road if we keep going this way or inflationary default, we can't live with this debt.
  • Whoever is elected will inherit a recession.
  • We've got a deflationary recession emerging everywhere in the world.
  • Japan is an old age colony sinking into the sea.
  • China is a massive speculative mania that's going to collapse any day.
  • We have been living beyond our means for 30 years.
  • We have more junk bonds than ever before.
  • We're just drifting as we have in the past and sooner or later you hit the wall.

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