Steven Mnuchin’s Most Bizarre Claim Yet: “There Is No Link Between Rising Wages And Inflation”

Steven Mnuchin: Former Goldman partner, friend of George Soros and Skull & Bones member .

Mnuchin’s Most Bizarre Claim Yet: “There Is No Link Between Rising Wages And Inflation”:

Treasury Secretary Steven Mnuchin has a degree from one of the most prestigious universities in the world (Harvard grads may dispute this); He was the CIO of Goldman Sachs; He launched a successful hedge fund; He is now Treasury Secretary. Yet he appears to barely grasp basic economic concepts (not to mention his apparent fondness for fake math).

Last night, Mnuchin transparently tried to sooth markets by telling a crowd of reporters who accompanied him to the US Mint in Philadelphia that investors shouldn’t worry about rising inflation and Treasury yields – even with the 10-year yield so close to crossing into the “danger zone” above 3%.

Quoted by Bloomberg, Mnuchin swatted away the suggestion that investors are worried about rising prices, even as the average hourly wage number for January soared the most since 2009, triggering this month’s “volocaust”.  Why? Because in Mnuchin’s mind, wage inflation and rising consumer prices have only a tenuous link – if that.

“There are a lot of ways to have the economy grow,” Mnuchin said in an interview aboard a train to Philadelphia on Thursday, where he toured the U.S. Mint. “You can have wage inflation and not necessarily have inflation concerns in general.”

If that’s true – it’s certainly news to us. And judging by the tone of these dismayed Jeffrey Gundlach tweets, we’re not alone.

Read moreSteven Mnuchin’s Most Bizarre Claim Yet: “There Is No Link Between Rising Wages And Inflation”

Budget Deficits Will Really Go Vertical – Mnuchin’s Wife Says: Don’t Worry

Steven Mnuchin … former Goldman partner, friend of George Soros and Skull & Bones member .

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Treasury Secretary Steven Mnuchin (Former Goldman Partner, Friend Of George Soros And Skull & Bones Member): “We Want To Make Sure Bad People Can’t Use Bitcoin To Do Bad Things” (Video)

Mnuchin: “We Want To Make Sure Bad People Can’t Use Bitcoin To Do Bad Things”:

Back in September 2015, when we first predicted that bitcoin would enjoy an exponential price increase as first the Chinese and then everyone else realized that the cryptocurrency is nothing less than the digital equivalent of borderless Swiss bank account, bypassing capital controls with ease and enabling money laundering anywhere and everywhere, its market cap was $3 billion. It is now $230Bn.

Today, a little over two years later, the US Treasury has figured this out, and on Friday Treasury Secretary Steven Mnuchin said he will work with the Group of 20 nations to prevent cryptocurrencies such as bitcoin from becoming the digital equivalent of an anonymous Swiss bank account.

“We are very focused on cryptocurrencies,” Mnuchin explained, pointing to discussions with other regulators within the U.S. government and later stating: “We want to make sure that bad people cannot use these currencies to do bad things.”

Read moreTreasury Secretary Steven Mnuchin (Former Goldman Partner, Friend Of George Soros And Skull & Bones Member): “We Want To Make Sure Bad People Can’t Use Bitcoin To Do Bad Things” (Video)

Steven Mnuchin On Bond-Villain Comparison: “I Guess I Should Take That As A Compliment” (Video)

Mnuchin On Bond-Villain Comparison: “I Guess I Should Take That As A Compliment”:

Treasury Secretary and noted Hollywood producer Steven Mnuchin provoked criticisms from his political opponents after photos surfaced last week of Mnuchin and his wife Louise Linton posing with a sheet of newly printed dollar bills bearing Mnuchin’s signature.

Asked by Fox News Sunday host Chris Wallace what it was like being compared with a bond villain after the photos went viral, Mnuchin said he took it as a compliment.

“I heard that. I never thought I’d be quoted as looking like a villain from the James Bond [movies]. I guess I should take that as a compliment that I look like a villain in a great, successful James Bond movie,” Mnuchin said.

“I was very excited about having my signature on the money and it’s something I’m very proud of being the secretary and helping the American people.”

Mnuchin said he thought nothing of it at the time the photo was taken, saying he didn’t expect it to be so widely shared on the Internet.

Read moreSteven Mnuchin On Bond-Villain Comparison: “I Guess I Should Take That As A Compliment” (Video)

David Stockman: “Trump’s 1500-Word Airball” Tax Plan

“Stated differently, after nine months of work these geniuses have come up with $6 trillion of easy to propose tax rate cuts and virtually no plan whatsoever to pay for them.”

“In all, this plan is so embarrassingly weak that Mnuchin and Cohn should be fired on the spot.

Actually all of these Rothschild puppets did exactly what they were told to do!

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Trump’s 1,500-word Airball:

The Donald’s strong point isn’t his grasp of policy detail.

The nine page bare-bones outline released this week is nothing more than an aspirational air ball that lacks virtually every policy detail needed to assess its impact and to price out its cost.

It promises to shrink the code to three rates (12%, 25%, 35%), for example. But it doesn’t say boo about where the brackets begin and end compared to current law.

Needless to say, a taxpayer with $50,000 of taxable income who is on the 15% marginal bracket today might wish to know whether he is in the new 12% or the new 25% bracket proposed by the White House. After all, it could change his tax bill by several thousand dollars.

Similarly, to help pay for upwards of $6 trillion of tax cuts over the next decade, it proposes to eliminate “most” itemized deductions. These “payfors” would in theory increase revenues by about $3 trillion.

Read moreDavid Stockman: “Trump’s 1500-Word Airball” Tax Plan

Eclipsegate Returns: Mnuchin Requested Government Jet For European Honeymoon

Eclipsegate Returns: Mnuchin Requested Government Jet For European Honeymoon:

Last month, Treasury Secretary Steve Mnuchin’s trophy wife Louise Linton posted the following ill-advised response to an Instagram troll that, among other things, condescendingly blasted the suggestion that Mnuchin/Linton used government planes “for our honeymoon or personal travel.”

“Cute! Aw!!! Did you think this was a personal trip?! Adorable! Do you think the US govt paid for our honeymoon or personal travel?! Lololol. Have you given more to the economy than me and my husband? Either as an individual earner in taxes OR in self sacrifice to your country? I’m pretty sure we paid more taxes toward our day ‘trip’ than you did. Pretty sure the amount we sacrifice per year is a lot more than you’d be willing to sacrifice if the choice was yours. You’re adorably out of touch. Thanks for the passive aggressive nasty comment. Your kids look very cute. Your life looks cute. I know you’re mad but deep down you’re really nice and so am I. Sending me passive aggressive Instagram comments isn’t going to make life feel better. Maybe a nice message [sic], one filled with wisdom and hunanity [sic] would get more traction. Have a pleasant evening. Go chill out and watch the new game of thrones. It’s fab!”

The whole episode sparked outrage on the left and resulted in a watchdog group filing a FOIA request for all of Steve Mnuchin’s travel logs (see:  Watchdog Group Files FOIA Request For Mnuchin’s Flight Logs After Wife’s Instagram Spat) to see whether his official travel may have been scheduled around the solar eclipse so that he and his new wife could catch a glimpse of the rare event from the comfort of a private government plane.

Alas, it now seems that even if the U.S. government didn’t ultimately pay for Linton’s honeymoon or personal travel that Mnuchin at least gave it the ‘good ole college try’.  According to Bloomberg, Mnuchin requested a U.S. Air Force jet for his honeymoon in Europe last month “for national security reasons” but subsequently withdrew the request after realizing he wasn’t really that important to the world at large.

Read moreEclipsegate Returns: Mnuchin Requested Government Jet For European Honeymoon

Mnuchin’s “Trophy Wife” Apologizes After Instagram Fiasco

Mnuchin’s “Trophy Wife” Apologizes After Instagram Fiasco:

As was always likely, Treasury Secretary Mnuchin’s wife Louise Linton has been forced to apologize for her Marie Antionette moment… A short and to the point statement read…

“I apologize for my post on social media yesterday as well as my response. It was inappropriate and highly insensitive.”

We are sure that will satiate the twitter hordes that just got confirmation of everything they believed about ‘the elites’.

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Mnuchin’s Trophy Wife Blasted After Instagram Spat Goes Viral

Mnuchin’s Trophy Wife Blasted After Instagram Spat Goes Viral:

“Cute! Aw!!! Did you think this was a personal trip?! Adorable! Do you think the US govt paid for our honeymoon or personal travel?! Lololol. Have you given more to the economy than me and my husband? Either as an individual earner in taxes OR in self sacrifice to your country? I’m pretty sure we paid more taxes toward our day ‘trip’ than you did.”

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Democrats Boycott Confirmation Of Trump Nominees, Blocking Mnuchin, Price Votes

FYI.


Democrats Boycott Confirmation Of Trump Nominees, Blocking Mnuchin, Price Votes:

Full out war between Democrats and the White House broke out today when Senate Democrats on Tuesday refused to attend a committee vote on two President Trump’s more controversial nominees, effectively delaying their consideration. Democrats on the Senate Finance Committee boycotted votes to advance Tom Price, Trump’s pick to head the Department of Health and Human Services, and Steven Mnuchin, his selection to head the Treasury Department.

Since at least one democrat must be on present for the vote to be held, the move will effectively delay and potentially prevent the confirmation votes on Mnuchin and Price.  The duo is among some of the more contentious selections to join Trump’s Cabinet.

Read moreDemocrats Boycott Confirmation Of Trump Nominees, Blocking Mnuchin, Price Votes

Sear’s Bankruptcy, Who Gets the Real Estate, and How the Pension Fund Got Hung Out to Dry (at Taxpayer Expense) Invade Mnuchin’s Senate Confirmation Hearing

Sear’s Bankruptcy, Who Gets the Real Estate, and How the Pension Fund Got Hung Out to Dry (at Taxpayer Expense) Invade Mnuchin’s Senate Confirmation Hearing:

“You were a Director at Sears for 12 years where you had oversight over the administration and investment in the pension fund.”

That Sears Holdings will file for bankruptcy appeared to be taken for granted in the confirmation hearings before the US Senate on Thursday. And when it does file, it’s going to get very complicated for Steven Mnuchin, the Trump administration’s appointment for Treasury Secretary. But the most fascinating part, for us as a non-political site, is the dissection of the whole Sears deal.

Senator Bob Menendez (D-NJ), as he proceeds with his questioning, lays out how Sears Holding’s CEO “Eddie” Lampert, his hedge fund ESL, and some other entities have worked hard to get their hands on the real estate when Sears Holdings goes through bankruptcy, while the pension fund left behind is a sinkhole that taxpayers might be shanghaied into filling.

Read moreSear’s Bankruptcy, Who Gets the Real Estate, and How the Pension Fund Got Hung Out to Dry (at Taxpayer Expense) Invade Mnuchin’s Senate Confirmation Hearing