In spite of the markets are record highs and the Chinese trade war having minimal if zero recognizable effects on the US economy, the media is running with “Trump is fucking shit up” headlines.
Enter Goldman Sachs, slashing growth and warning of, wait for it, RECESSION.
Goldman Sachs lowered its fourth-quarter growth forecast by 20 basis points to 1.8%, citing a larger than-expected impact of recent trade war events.
“The drivers of this modest change are that we now include an estimate of the sentiment and uncertainty effects and that ?nancial markets have responded notably to recent trade news,” said Goldman Sachs chief U.S. economist Jan Hatzius in a note to clients Sunday.
Goldman Sachs said it expects the new round of tariffs to go through in September and it no longer expects a trade deal before the 2020 election.
U.S. farmers lost their fourth largest customer this week after China officially cancelled all purchases of U.S. agricultural products, a retaliatory move following President Donald Trump’s pledge to slap 10% tariffs on $300 billion of Chinese imports.
China’s exit piles on to a devastating year for farmers, who’ve struggled through record flooding and droughts that destroyed crop yields, and trade war escalations that have lowered prices and profits this year.
“It’s really, really getting bad out here,” Bob Kuylen, a farmer of 35 years in North Dakota, told CNBC.
“There’s no incentive to keep farming, except that I’ve invested everything I have in farming, and it’s hard to walk away.”
And then you have the fucking farmers, the biggest recipients of government welfare, bitching and complaining about how fucked farming is for them. I’m sure these reporters are really hitting the hay bales in search of farmer angst — such an important demographic for this great nation.
What these farmers need to do, naturally, is shut the fuck up and grow less soy, in order to account for the trade war. Instead, they’ll keep growing at the same rate and then complain that China isn’t buying anymore — eventually settling for a government bailout for their unsold items.
What a fucking country!
Futures are flat. Everything is flat, even the globe.
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More Epstein
https://m.soundcloud.com/chapo-trap-house/unlocked-335-shrugging-towards-bethlehem-feat-brace-belden-liz-franczak-72519
FLY what do you say?
I don’t give a shit about Epstein.
Don’t get us wrong. We still love Trump. He is the last best hope of white supremacy. We can lose the farms but we CANNOT lose the race war.
I’m curious how many times you have been banned?
Why bother? The Trump train will not be stopped by any ban.
Nor will the mass shootings.
The real war has yet to come…
Just tell me what stocks you like and STFU.
Buy WPM and EXK and rub yourself down with a silver bar
https://kunstler.com/clusterfuck-nation/rude-awakening/
I honestly can’t believe no Epstein post from the no 1 conspiracy theorist Dr. Fly.
You posted about NXIVM for FUCK’S sake! You getting lazy dawg
Probably watching Dunkirk for the umpteenth time
I really couldn’t care less about politics anymore. When I get into something, I obsess. When I drop it, I drop it and never look back.
You run a trillion dollar deficit, you get “prosperity”.
Doing it when things are bad is a necessary evil. Doing it when things are good is fucking insane.
I’m with Fly on this one. Nobody cares about the dumb farmers or Epstein. In fact, I would add a 10% increase in tariff on China for every 3 months without a deal. China weakening the renminbi is a nonstory. In one stroke, Trump just increases inflation in China by 10%. Let these China weakens their renminbi in order to counteract our tariffs. Every weakening will be pushed by higher inflation on China. Soon, China will have social unrest with higher unemployment from loss of factory jobs as well as out of control inflation. See Hong Kong turmoil as our game plan for China. I fully support another 4 yrs of Trump for our fight with China. China is a threat and needs to be cut off now before it is too late.
How is punishing fuckin’ CHINA gonna help the USA?
You Trumpsters are fuckin’ NUTS.
I wasn’t a trumpet but now that he has started this thing with China we’re pretty much pot-committed at this point.
Their blatant disregard for patent rights, technology theft, and direct intent to use any unethical and illegal means necessary to remove our dominance in advanced technology is a Cold War against the United States. The Chinese are smarter than the Russians though as they plan to bleed us dry slowly while we are distracted with cheaply made Chinese goods and growing corporate profits. Trump is an idiot and it’s too bad someone with more brains didn’t attack this issue but we’re in now.
Let ’em steal our technology. SCREW patent rights. The world will be better off with LOWER COST technology, just like it is better off with lower cost goods very happily made by people HAPPY to work for less.
US corporations have been (unintentioanlly) paying for Chinese R&D for decades. If you don’t see a problem with this, then I can’t explain it to you.
Maybe some people can tolerate separating mothers and babies, “shithole countries,”, “Mexican rapists”, “fine” white supremeists, etc., so that they can have lower tax rates, but that’s not a moral compromise I am willing to make. There are plenty of others that support tariffs on China.
Also, the real road to MAGA isn’t racism, it’s “Drain the Swamp.” Trump’s Billionaire cabinet and putting corporate lobbyist and execs incahrge of regulating industry are just making things worse.
The billionaire class is divided between wealth inheritors like the Waltons, Trumps, and Kochs that just want lower taxes and corporate welfare those that moved up from the middle class like Ray Dalio, Bill Gates, and Warren Buffet that realized that even billionaires have a vested interests in maintaning America’s class mobility and reducing the wealth gap.
SK,
Let’s not forget the Soviets, they pretty much subverted society our the past 40 something years
Cultural Marxism is very strong here. Let’s give credit where credit is due. Bruce Jenner is the woman of the year
Regards
Chuck Bennett
I live in ND…farmers had record years not that long ago. Instead of saving for a rainy day they all bought new tractors for $100K a pop to avoid paying taxes.
As far as planting less soy, I agree. However, you have to factor in stewardship of the land which means crop rotation that is planned out years in advance. If you plant the same thing every year it is harmful to the soil. If a farmer is scheduled to plant soybeans they are going to plant soybeans and hope things turn around.