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When you get into serious debt and run into a Cash Crunch: here’s the Trump Secret:
“Simply Print More Money.”
And Trump has talked about this as a solution to the National Debt, too:
“Simply Print More Money.”
(CNN) — Donald Trump declared Monday the U.S. never has to default on debt "because you print the money," while trying to clarify his strategy for managing the national debt.
Trump insisted that he never said the U.S. should default or attempt to renegotiate with creditors, as had been reported.
"People said I want to go and buy debt and default on debt, and I mean, these people are crazy. This is the United States government," Trump told CNN's Chris Cuomo on "New Day." "First of all, you never have to default because you print the money, I hate to tell you, OK?"
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This is partly what prompted former National Economic Advisor Gary Cohn to call Trump “astoundingly dumb” …
[ according to Bob Woodward’s new book ...] the Goldman Sachs president turned National Economic Council director came away from his very first meeting with Donald Trump “astounded” by just how dumb the guy was. During a chat about various economic issues, [Gary] Cohn told Trump that the Federal Reserve would likely increase rates during his first term in office, to which President Buy High, Sell Low reportedly responded, “We should just go borrow a lot of money, hold it, and then sell it to make money.” This suggestion, and “lack of basic understanding” about how federal debt works apparently sent chills up the spine of Cohn, who explained that borrowing more money would in fact increase the deficit and add to the debt, something that would, in theory, be counterproductive for a delusional president who had pledged to completely eliminate the federal debt. But President “I’m, like, really smart” wasn’t finished: [...]
www.vanityfair.com — Sept 10, 2018
Like, like, you know I’ve gotten out of Debt lots of times myself, the “smart guy” boasted to the GS COO.
But [Gary Cohn] decision to quit on Tuesday night comes after Trump’s decision to impose tariffs on steel and aluminum imports, a move he and the treasury secretary, Steven Mnuchin, have reportedly vehemently opposed.
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But the resignation of Cohn, a former chief operating officer at Goldman Sachs, could be the most consequential. It comes after global markets were roiled by Trump’s decision to press on with plans to impose tariffs on trading allies, which investors fear could spark an international trade war.
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He was once tipped to be the next head of the Federal Reserve. But he clashed frequently with Trump’s hardline supporters and, according to Michael Wolff’s Fire and Fury, called Trump “dumb as shit”.
www.theguardian.com — Mar 7, 2018
Well that would count as “astoundingly dumb” — as Cohn subsequently told Woodward.
Talk about your double whammies.
Here’s the Secret of Trump’s excess: Find a country that’s willing to fire up the presses, and willing to give him his standard 20% cut, to turn their ‘excess paper’ into … cold hard assets.
Anyone need a Trump Tower condo? Get em while they last. No Questions asked.
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