Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke.
The Grim Reaper has taken his scythe to the Venezuelan bolivar. The death of the bolivar is depicted in the following chart. A bolivar is worth less, and with its collapse, Venezuela is witnessing today the world’s worst inflation.
Update: Add Comcast to the list
#winning pic.twitter.com/QBForn6EeF
— Phil Kerpen (@kerpen) December 20, 2017
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Back in October 2016, the "millionaire, billionaire, private jet owners" of America's elitist, liberal mega-cities (A.K.A. New York and San Francisco) celebrated the tax hikes that a Hillary Clinton presidency would have undoubtedly jammed down their throats proclaiming them to be a 'patriotic duty'. Unfortunately, now that Trump has given them exactly what they apparently wanted...an amazing opportunity to 'spread their wealth around"...they're suddenly feeling a lot less patriotic.
But, but, but... it wasn't supposed to be priced in...
On the day Trannies and Small Caps managed gains...
Futures show stocks dumped again at the open, tried valiantly to bounce back... but failed...
While the jury will be out for years whether the Trump tax cuts will boost the economy (they already had an outsized impact on markets, pushing the Dow by nearly 5,000 points higher since Trump's election), there are several key problems that remain outstanding. The first one, as the following JPMorgan chart shows, is that all prior Republican tax cuts in US history took place when debt/GDP ratios were less than 40%.