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Needless to say, this kind of paint-by-the-numbers Keynesianism is walking the whole system right into a perfect storm. Never in the recorded history of the republic has a business expansion lasted expansion of the 1990s reflected the Greenspan fostered household borrowing binge and tech bubbles that fed straight into the crises of 2008-2009.When the GOP-Trumpian borrowing bomb hits the bond market next October we will already be in month #111 of the current expansion cycle and as the borrowing after-burners kick-in during the course of the year, FY 2019 will close out in month #123. Yet the Trumpian-GOP has not only presumed to pump-up the fiscal deficit to of GDP just as the US economy enters the terra incognito range of the business cycle (FY 2019); it has actually declared its virtual abolition.
To wit, an already weak-growth crippled revenue baseline will be cut to just $mark. Nine years into a business cycle expansion, the King of Debt and his unhinged GOP majority on Capitol Hill have already decided upon (an nearly implemented) the fiscal measures that will result in borrowing .JM Keynes himself would be grinning with self-satisfaction.Moreover, this foolhardy attempt to re-prime-the-pump nearly a decade after the Great Recession officially ended means that monetary policy is on its back foot like never before.This time the central banks are out of dry powder and belatedly recognize that they have stranded themselves on or near the zero bound where they are saddled with massively bloated balance sheets.So an epochal pivot has begun—-led by the Fed’s committment to shrink its balance sheet at a annual rate beginning next October.