President Trump’s Presidential Memorandum announcement of a reciprocal tariff policy to address trade deficits...shift comes at the cost of fiscal discipline, at a time when many major economies already run sizable deficits...

Winding Path to The End Game It’s hard to have a recession when the USG is running multi-trillion dollar deficits...The US will continue running fiscal deficits — regardless of who ends up in the White House....provisions of the soon-to-expire Tax Cuts and Jobs Act of 2017 (which could add another $4-5 trillion to US deficits...

The US continues to run multi-trillion dollar deficits, which only adds to its growing mountain of public...At the end of the day, continued fiscal deficits will increase US public debts, which requires more liquidity...Many Eurozone countries are likely to continue running mid-to-high single digit deficits as a % of GDP...

As such, the debt and deficits will continue to rise.

Lower deficits or narrowing that deficit, less UST issuance, less need for liquidity....It’s bizarre to have a country with massive deficits have a sovereign wealth fund.

...to take a step back and think regardless of that outcome, the big macro things we’ve talked about, deficits...

Runs similar types of deficits, right?

More fiscal deficits —> more UST debt —> more USD liquidity —> higher asset prices This has...With the path for future fiscal deficits all but inevitable, we’re finally seeing the currency debasement...

The Only Way Out Is Through The path for sizable US fiscal deficits is clear at this point....More fiscal deficits —> more UST debt —> more USD liquidity —> higher asset prices This is the...When asked about the end game for US fiscal deficits — and the potential return of QE — Howell likened...

...department of government efficiency is actually going to make a meaningful dent in the size of fiscal deficits...

You know, financial narratives around fiscal deficits and debts of the country....Uh, Given the size of fiscal deficits in the current size and growing size of the U.

...it’s at the VP level or the presidential level, there is no discussion about fiscal responsibility, deficits...not only narrow that gap, but maybe even reverse the trend of debt to GDP growth, the actual fiscal deficits...And so in that window, this whole point about currency debasement around deficits, we’ve added in the...

The reality is large fiscal deficits will force the US Treasury to issue more and more debt — and again...

...now operating with debt-to-GDP ~120% – and it’s projected to continue running multi-trillion dollar deficits...

In retrospect, the combined effect formed the genesis of America’s now crippling budget deficits....Both systems require the U.S. to run persistent trade deficits....He argued the system forced the U.S. to run aggressive trade deficits in order to provide enough dollars...

As opposed to monetary levers, this upcycle has been fueled by fiscal deficits....Large deficits can be driven by tax cuts or expanded benefits or subsidies for “green transition” or...Large fiscal deficits cause investors to worry about the sustainability of the debt situation and tight...

It would mean fiscal deficits would jump, which leads to even more debt issuance and higher net interest...dramatically — a trend that will continue for years to come as the US is expected to run large fiscal deficits...We typically see fiscal deficits spike during recessions as government revenues fall and spending rises...

...as the US debt ceiling debacle comes to a head and concerns mount over the impact of larger fiscal deficits...

...as the US debt ceiling debacle comes to a head and concerns mount over the impact of larger fiscal deficits...

...of those classic Soros-inspired, ultimately unsustainable, self-reinforcing cycles where larger U.S. deficits...At a high level: Larger deficits -> above trend growth -> sticky inflation -> rates remain elevated...-> dollar inflows -> less competitive exports -> larger deficits Fair or not, higher deficits...