"MAGA TRUMPERS ARE TRUE BELIEVERS LIKE THE BRANCH DAVIDIANS AND THE JONESTOWN CREW"
CAPE CHARLES MIRROR: Here’s the secret Wall Street doesn’t want you to know: For decades, they’ve had “a great run” while Main Street struggled.
Bessent’s mission?
“Now it’s Main Street’s turn to also participate.”
The policy shift is already working…
The economic data proves it:
Recession predictions: Dead wrong.
ME: A lot of red meat here, which is what I truly love about the venerable Cape Charles Mirror.
And what I haven’t heard anyone ask young Scott Kenneth Homer Bessent, born August 21, 1962, when Trump and I were sophomores in HS learning about Smoot-Hawley and the Great Depression, who has headed Soros Fund Management’s London office and later founded the Key Square Group hedge fund, and also served as an economic advisor, fundraiser, and major donor for the Trump 2024 campaign, and in his young life has never built anything of value to society, starting with process equipment and actual factories, is HOW it is different this time around with Trump’s tariffs, then it was back in and after 1930, with Smoot-Hawley?
WHY are Bessent and Trump going to get different results?
More to the point HOW are Bessent and Trump planning to get different results?
But Bessent could only answer those questions if he was aware of Smoot-Hawley, and I don’t believe he knows that period of American history ever happened.
But before we go further into the background of Scott Bessent, or rather lack of background, since the dude has never done anything other than move money around for WALL $TREET BILLIONAIRES, which makes me wonder why on earth we would think that dude would even know Main Street exists, let’s go back to the honest-to-gosh downright economical miracle Trump and Bessent are presenting us with, by going to a Reuters article titled “Fed’s Musalem: There are risks now to both the inflation and jobs goals” on August 8, 2025, where we have as follows on Bessent’s miracle economy, to wit:
WASHINGTON, Aug 8 (Reuters) – The Federal Reserve now faces risks to both its inflation and jobs goals, with policymakers needing to balance which seems the more serious threat in deciding whether it is appropriate to reduce interest rates, St. Louis Fed President Alberto Musalem said on Friday.
Between tariffs pushing up prices and job growth slowing, “there are risks on both sides of our mandate, and when that happens, when you have risks on both sides, you have to take a balanced approach, which means you have to think about the likelihood of missing on each side of the mandate, the size of the potential miss, and how long that miss will be in place,” Musalem said to an economic group in Mississippi.
“That’s the balancing act that we’re doing right now.”
Musalem said he still felt there was a risk the Trump administration’s new import tariffs could lead to persistent inflation, but that the Fed now had to guard against an employment slowdown as well – a difficult situation for central bankers whose efforts to loosen or constrain the flow of credit in the economy can influence inflation and employment in opposing ways.
“It is likely that most of the impact of tariffs on inflation will be short lived and will fade…”
“But there’s a reasonable probability that there may be some persistence,” Musalem said.
“The labor market right now looks good,” he said, but added that “growth has been lower than potential for the first half of the year, and is expected to continue along those lines for the second half of the year, and that poses risks to the labor market.”
end quotes
Hey, maybe I am really a LEFTY and don’t know it, but that doesn’t look like a budding economic renaissance to me, which takes us to another Reuters article reminiscent of Smoot-Hawley titled “US imports fall more than expected in June on tariff concerns, trade body data shows” by Juveria Tabassum on August 8, 2025, where we have as follows:
Aug 8 (Reuters) – Imports into the United States fell more than expected in June as concerns around shifting tariff policies hit retailers, raising fears of fewer product options in stores for shoppers, data from the National Retail Federation showed on Friday.
end quotes
Which Trump has already said he doesn’t care about, but going back in time to Smoot-Hawley, when the Creditanstalt of Austria failed in 1931, the global deficiencies of the Smoot–Hawley Tariff became apparent, and U.S. imports decreased 66% from $4.4 billion (1929) to $1.5 billion (1933), and exports decreased 61% from $5.4 billion to $2.1 billion.
And FAKE NEWS would scream Trump in return, as if I, who am the same age as Trump, gives a tinker’s damn as to what Trump thinks about anything, which takes us back to that story, to wit:
U.S. ports covered by NRF’s report handled 1.96 million 20-foot containers or its equivalent in June, which was down 8.4% year-over-year, but up 0.7% from May.
That was a bigger drop from the NRF forecast from a month ago.
The trade body had then projected ports would handle 2.06 million TEU in June, up 5.9% from May but down 3.7% year over year.
Moreover, import cargo volume at major container ports in the U.S. is tentatively expected to end 2025 5.6% below 2024’s volume, NRF’s forecast showed on Friday.
“The uncertainty around tariffs has impacted retailers’ ability to forecast holiday orders and shipments.”
“As tariff rates increase, consumers will ultimately face higher prices and less choice and availability during the holiday season,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said.
“We need binding trade agreements that open markets by lowering tariffs, not raising them.”
Tariffs will result in higher prices for U.S. consumers, less hiring, lower business investment and a slower economy, he added.
end quotes
Pardon me for being a sceptic here, but that sounds much more like destroying an economy than building an economy, unless this WHIZ KID Bessent is going to tell us it was necessary to destroy the American economy to save it, which takes us to an article in TheStreet titled “Fed president issues stern warning on lasting price increases” by Noah Weidner on 8 August 2025, where we have as follows:
While Friday is traditionally a quiet day for earnings and economic data, investors still tuned in earlier this morning to hear what St. Louis Fed President Alberto Musalem had to say about the state of the economy at an event held this morning in Itta Bena, Mississippi.
Economists warn that tariffs could exacerbate the CPI, while American households are bracing for more aggressive inflation in “soft” consumer data.
Musalem says that a “temporary” impact on prices is likely, warning about a “reasonable probability” of longer-lasting price increases.
On the other hand, Musalem said that the labor market was “around full employment,” noting that companies continue to report a “shortage of skilled labor.”
However, Musalem did warn that companies have become more cautious on spending and hiring, noting that tariffs are having an impact on firms.
In particular, he said that firms that are closer to the consumers have been seen as more sensitive to raising prices.
Hiring has considerably slowed in recent months as economic activity has stagnated.
end quotes
Except now, since Trump fired the head of the BLS, we really can no longer trust any of that data.
In any event, there is much more to this story, so please, stay tuned to this same channel and we will be right back with more.
Just musings, is all
Re: Just musings, is all
"TRUMP'S TARIFFS ARE A TAX ON THE AMERICAN PEOPLE INTENDED TO EAT US OUT OF HOUSE AND HOME FOR THE BENEFIT OF TRUMP'S BILLIONAIRE BUDDIES!"
CAPE CHARLES MIRROR: Scott Bessent’s interview with Pro Force One news is not about tariffs.
It’s about why your wages could explode — and the trillion-dollar secret hiding in plain sight on Wall Street.
Everyone should read this.
ME: As an older American who learned this nation’s Constitution and history when young, and unlike the present occupant of the Washington White House, haven't forgotten it or forsaken it, I think this is the most important discussion we have had in this nation going back in time to 1930, when then-president Hoover joined the economists in opposing the Smoot-Hawley tariff bill, calling it “vicious, extortionate, and obnoxious” because he felt it would undermine the commitment he had pledged to international cooperation, and not surprisingly, it is happening here at the venerable Cape Charles Mirror, our grand palladium of liberty in this country, and if this discussion were not taking place here, it wouldn’t be taking place period, and young Scott Kenneth Homer Bessent, born August 21, 1962, when Trump and I were sophomores in HS learning about Smoot-Hawley and the Great Depression, would have the podium all to himself to spew his stupid ignorant uninformed garbage without challenge.
I would go further to compare this debate today on tariffs in importance to the Webster-Hayne debates which took place in January of 1830, specifically between January 19th and 27th, which debates in the U.S. Senate centered on the nature of the American Union, with Daniel Webster arguing for a strong, centralized nation and Robert Hayne advocating for states’ rights.
Those debates were triggered by a Senate resolution on land policy, but quickly escalated into a broader discussion about the balance of power between the federal government and individual states.
Webster and Hayne, representing the North and South respectively, clashed on issues like nullification, slavery, and the very definition of the Union.
The debates are considered a pivotal moment in American history, highlighting the growing divisions that would eventually lead to the Civil War.
And this debate about Trump’s tariffs today should also be considered a pivotal moment in American history, which is why it should not be one-sided, with Scott Bessent’s the only side of the debate to be heard, given it affects each and every one of us here in this country, just as Robert Strange McNamara spewing his one-sided, unchallenged ignorant garbage about Viet Nam affected each and every one of us, but back then, we didn’t have the internet and the Cape Charles Mirror, so Bobby McNamara had free rein back then to spew his garbage.
Not so for Scott Bessent today, thanks to the Cape Charles Mirror, which takes us to a Fox Business article titled “US budget deficit has widened by $109B from a year ago despite influx of tariff revenue – Federal deficit reaches $1.6T in first 10 months despite 112% jump in customs duties” by Eric Revell on August 10, 2025, where we have this Trump/Bessent economical scorecard to consider, as all the Trump economists out there try to convince us commoners in this country just how good we have it now that Trump has passed his BBB and imposed his tariff taxes on us to support his BILLIONAIRE buddies and their tax break, to wit:
The U.S. federal government’s annual budget deficit has widened by $109 billion so far this fiscal year despite an influx of tariff revenue to the government’s coffers.
end quotes
HUH?
Under Trump and Bessent?
No way that can be, people, because Trump and Bessent would never do that to us, would they?
And of course they would, which takes us back to that article, to wit:
The nonpartisan Congressional Budget Office (CBO) on Friday released its monthly budget update for July, which found that the federal budget deficit totaled $1.6 trillion in the first 10 months of fiscal year 2025.
That figure is $109 billion higher than it was for the same period in FY2024.
end quotes
How to go, Donny and Scott!
Going back to the news, it continues as follows:
Overall, federal tax receipts were up $263 billion, or 6%, while spending outpaced that gain, rising by $372 billion, or 7%, in the first 10 months of FY2025.
Much of the rise in federal tax revenue was driven by the Trump administration’s tariffs, which are taxes on imported goods that the White House has increased markedly on U.S. trading partners over the course of this year.
The CBO said customs duties collected were up by $70 billion, or 112%, so far in FY2025 compared with the same period in the prior year as a result of the higher tariffs.
end quotes
And that money, people, either comes out of OUR pockets, or it comes out of the pockets of U.S. businesses, which doesn’t strengthen them or us, it makes us WEAKER, just like back in 1930, which takes us back for more, and you commoners out there like me will just love this, to wit:
Individual income and payroll tax receipts were up $214 billion, or 6%, from a year ago in the first 10 months of this fiscal year.
Corporate income taxes are down $27 billion, or 7%, compared with the same 10-month period in FY2024.
end quotes
Yes, people, tax the bejaysus out of us commoners while letting the corporations slide, because, well, they are important to Trump and Bessent, while we are just there to be fed off of, which again takes us back for more, to wit:
Federal spending is up $372 billion in the first 10 months of FY2025 compared with last year, much of which is due to higher outlays on mandatory spending programs.
The cost of servicing America’s nearly $37 trillion national debt also increased by $60 billion, or 8%, in the first 10 months of FY2025 compared to the prior year.
That’s due to the national debt being larger than it was in the same period in FY2024.
For the month of July, the deficit amounted to $289 billion, $45 billion more than in July 2024, as spending increased by more than the rise in tax collections.
end quotes
And we are supposed to cheer that?
Not hardly, people, but please stay tuned, because courtesy of the Cape Charles Mirror, we will be back with more.
CAPE CHARLES MIRROR: Scott Bessent’s interview with Pro Force One news is not about tariffs.
It’s about why your wages could explode — and the trillion-dollar secret hiding in plain sight on Wall Street.
Everyone should read this.
ME: As an older American who learned this nation’s Constitution and history when young, and unlike the present occupant of the Washington White House, haven't forgotten it or forsaken it, I think this is the most important discussion we have had in this nation going back in time to 1930, when then-president Hoover joined the economists in opposing the Smoot-Hawley tariff bill, calling it “vicious, extortionate, and obnoxious” because he felt it would undermine the commitment he had pledged to international cooperation, and not surprisingly, it is happening here at the venerable Cape Charles Mirror, our grand palladium of liberty in this country, and if this discussion were not taking place here, it wouldn’t be taking place period, and young Scott Kenneth Homer Bessent, born August 21, 1962, when Trump and I were sophomores in HS learning about Smoot-Hawley and the Great Depression, would have the podium all to himself to spew his stupid ignorant uninformed garbage without challenge.
I would go further to compare this debate today on tariffs in importance to the Webster-Hayne debates which took place in January of 1830, specifically between January 19th and 27th, which debates in the U.S. Senate centered on the nature of the American Union, with Daniel Webster arguing for a strong, centralized nation and Robert Hayne advocating for states’ rights.
Those debates were triggered by a Senate resolution on land policy, but quickly escalated into a broader discussion about the balance of power between the federal government and individual states.
Webster and Hayne, representing the North and South respectively, clashed on issues like nullification, slavery, and the very definition of the Union.
The debates are considered a pivotal moment in American history, highlighting the growing divisions that would eventually lead to the Civil War.
And this debate about Trump’s tariffs today should also be considered a pivotal moment in American history, which is why it should not be one-sided, with Scott Bessent’s the only side of the debate to be heard, given it affects each and every one of us here in this country, just as Robert Strange McNamara spewing his one-sided, unchallenged ignorant garbage about Viet Nam affected each and every one of us, but back then, we didn’t have the internet and the Cape Charles Mirror, so Bobby McNamara had free rein back then to spew his garbage.
Not so for Scott Bessent today, thanks to the Cape Charles Mirror, which takes us to a Fox Business article titled “US budget deficit has widened by $109B from a year ago despite influx of tariff revenue – Federal deficit reaches $1.6T in first 10 months despite 112% jump in customs duties” by Eric Revell on August 10, 2025, where we have this Trump/Bessent economical scorecard to consider, as all the Trump economists out there try to convince us commoners in this country just how good we have it now that Trump has passed his BBB and imposed his tariff taxes on us to support his BILLIONAIRE buddies and their tax break, to wit:
The U.S. federal government’s annual budget deficit has widened by $109 billion so far this fiscal year despite an influx of tariff revenue to the government’s coffers.
end quotes
HUH?
Under Trump and Bessent?
No way that can be, people, because Trump and Bessent would never do that to us, would they?
And of course they would, which takes us back to that article, to wit:
The nonpartisan Congressional Budget Office (CBO) on Friday released its monthly budget update for July, which found that the federal budget deficit totaled $1.6 trillion in the first 10 months of fiscal year 2025.
That figure is $109 billion higher than it was for the same period in FY2024.
end quotes
How to go, Donny and Scott!
Going back to the news, it continues as follows:
Overall, federal tax receipts were up $263 billion, or 6%, while spending outpaced that gain, rising by $372 billion, or 7%, in the first 10 months of FY2025.
Much of the rise in federal tax revenue was driven by the Trump administration’s tariffs, which are taxes on imported goods that the White House has increased markedly on U.S. trading partners over the course of this year.
The CBO said customs duties collected were up by $70 billion, or 112%, so far in FY2025 compared with the same period in the prior year as a result of the higher tariffs.
end quotes
And that money, people, either comes out of OUR pockets, or it comes out of the pockets of U.S. businesses, which doesn’t strengthen them or us, it makes us WEAKER, just like back in 1930, which takes us back for more, and you commoners out there like me will just love this, to wit:
Individual income and payroll tax receipts were up $214 billion, or 6%, from a year ago in the first 10 months of this fiscal year.
Corporate income taxes are down $27 billion, or 7%, compared with the same 10-month period in FY2024.
end quotes
Yes, people, tax the bejaysus out of us commoners while letting the corporations slide, because, well, they are important to Trump and Bessent, while we are just there to be fed off of, which again takes us back for more, to wit:
Federal spending is up $372 billion in the first 10 months of FY2025 compared with last year, much of which is due to higher outlays on mandatory spending programs.
The cost of servicing America’s nearly $37 trillion national debt also increased by $60 billion, or 8%, in the first 10 months of FY2025 compared to the prior year.
That’s due to the national debt being larger than it was in the same period in FY2024.
For the month of July, the deficit amounted to $289 billion, $45 billion more than in July 2024, as spending increased by more than the rise in tax collections.
end quotes
And we are supposed to cheer that?
Not hardly, people, but please stay tuned, because courtesy of the Cape Charles Mirror, we will be back with more.
Re: Just musings, is all
"TRUMPIANISM IS GOING TO DESTROY AMERICA AS WE ONCE KNEW IT!"
CAPE CHARLES MIRROR: Hamilton’s original tariff strategy had two purposes: • Finance the treasury • Protect nascent industries
Trump added the third leg: negotiation leverage.
This is economic warfare disguised as trade policy.
And it’s working.
ME: And that part about economic warfare disguised as trade policy takes me back in time to the situation here in America circa 1775, just prior to April 19, 1775 and the famous Battle of Lexington and Concord, and the NOVANGLUS essays of future American president John Adams written between January and April 1775 and addressed to the inhabitants of the Colony of Massachusetts Bay, where in NOVANGLUS NO. II, Adams wrote as follows:
The last thing I shall take notice of is, the artful, yet most false and wicked insinuation, that such new regulations were then generally expected.
This is so absolutely false, that, excepting Bernard himself, and his junto, scarcely anybody on this side the water had any suspicion of it, insomuch that, if Bernard had made public, at that time, his preface and principles, as he sent them to the ministry, it is much to be doubted whether he could have lived in this country; certain it is, he would have had no friends in this province out of the junto.
The intention of the junto was, to procure a revenue to be raised in America by act of parliament.
end quotes
And the intention of the Trump junto today is to procure a revenue to be raised in America by act of Trump and Bessent alone, and as I write these words, I truly wonder if young Scott Bessent even knows this history happened, and that is caused Great Britain to lose her colonies, which takes us back to NOVANGLUS II, to wit:.
Nothing was further from their designs and wishes, than the drawing or sending this revenue into the exchequer in England, to be spent there in discharging the national debt, and lessening the burdens of the poor people there.
They were more selfish.
They chose to have the fingering of the money themselves.
Their design was, that the money should be applied, first, in a large salary to the governor.
This would gratify Bernard’s avarice; and then, it would render him and all other governors, not only independent of the people, but still more absolutely a slave to the will of the minister.
They intended likewise a salary for the lieutenant-governor.
This would appease in some degree the gnawings of Hutchinson’s avidity, in which he was not a whit behind Bernard himself.
In the next place, they intended a salary to the judges of the common law, as well as admiralty.
And thus, the whole government, executive and judicial, was to be rendered wholly independent of the people, (and their representatives rendered useless, insignificant, and even burthensome,) and absolutely dependent upon, and under the direction of the will of the minister of state.
end quotes
In our case today, the minister of state in question is Scott Bessent, Trump’s treasury secretary.
Going back to NOVANGLUS II, we have further as follows:
They intended, further, to new-model the whole continent of North America; make an entire new division of it into distinct, though more extensive and less numerous colonies; to sweep away all the charters upon the continent with the destroying besom of an act of parliament; and reduce all the governments to the plan of the royal governments, with a nobility in each colony, not hereditary indeed at first, but for life.
end quote
And today, we have Trump and Bessent trying to new-model the government and Constitution of the United States, which again takes us back for more, to wit:
They did indeed flatter the ministry and people in England with distant hopes of a revenue from America, at some future period, to be appropriated to national uses there.
But this was not to happen, in their minds, for some time.
The governments must be new modelled, new-regulated, reformed, first, and then the governments here would be able and willing to carry into execution any acts of parliament, or measures of the ministry, for fleecing the people here, to pay debts, or support pensioners on the American establishment, or bribe electors or members of parliament, or any other purpose that a virtuous ministry could desire.
end quotes
Under Trump and Bessent, our national government today must be new modelled, new-regulated, reformed, so that the government here would be able and willing to carry into execution any acts of Trump, or measures of Bessent, for fleecing the people here, to pay debts, and support Trump’s BILLIONAIRE buddies, or any other purpose that Trump and Bessent could desire.
As to real wages for hourly workers, let’s go to a CNBC article titled “Consumer prices rise 2.7% annually in July, less than expected amid tariff worries” by Jeff Cox on August 12, 2025 where we have this reality on that subject, to wit:
Inflation-adjusted average hourly earnings rose just 0.1% for the month, the BLS said in a separate release.
That put the annual gain at 1.2%.
end quotes
But hey, that must be FAKE NEWS from the BLS, which agency, everybody knows, hates Trump and plays politics with the numbers for the sole purpose of making Trump look bad because they hate him, which in turn makes Trump feel bad about himself, because, well, he is human and as a result likes to be talked about nicely, because according to Bessent, household income growth hit 0.7-0.8% in April alone and real wages for hourly workers rose almost 2% in just 5 months, which has me wondering where Bessent gets his numbers from.
As to Alexander Hamilton, the first Secretary of the Treasury, according to our history, he faced multiple accusations of using his position for personal gain and to benefit his associates.
So could Scott Bessent today be accused of using his position for personal gain and to benefit his associates?
Something to think about, anyway, when we stop to consider all the treasury secretaries in our history who have been accused of corruption or involved in it, like during William Adams Richardson’s time as Treasury Secretary with a scheme involved hiring John B. Sanborn to collect unpaid taxes, with some of the collected funds allegedly ending up in a kickback arrangement.
William Adams Richardson was an American lawyer who served as the 29th United States secretary of the treasury from 1873 to 1874 and during his tenure, the Panic of 1873 swept the nation and caused a depression that lasted five years.
And in 1869, financiers Jay Gould and James Fisk attempted to manipulate the gold market with the help of Ulysses S. Grant’s brother-in-law, Abel Corbin, who was allegedly given insider information by General Daniel Butterfield, then Assistant to the Secretary of the Treasury.
And that, people, is how the game of power politics is played here in America, but stay tuned, for this story has legs and room to run!
CAPE CHARLES MIRROR: Hamilton’s original tariff strategy had two purposes: • Finance the treasury • Protect nascent industries
Trump added the third leg: negotiation leverage.
This is economic warfare disguised as trade policy.
And it’s working.
ME: And that part about economic warfare disguised as trade policy takes me back in time to the situation here in America circa 1775, just prior to April 19, 1775 and the famous Battle of Lexington and Concord, and the NOVANGLUS essays of future American president John Adams written between January and April 1775 and addressed to the inhabitants of the Colony of Massachusetts Bay, where in NOVANGLUS NO. II, Adams wrote as follows:
The last thing I shall take notice of is, the artful, yet most false and wicked insinuation, that such new regulations were then generally expected.
This is so absolutely false, that, excepting Bernard himself, and his junto, scarcely anybody on this side the water had any suspicion of it, insomuch that, if Bernard had made public, at that time, his preface and principles, as he sent them to the ministry, it is much to be doubted whether he could have lived in this country; certain it is, he would have had no friends in this province out of the junto.
The intention of the junto was, to procure a revenue to be raised in America by act of parliament.
end quotes
And the intention of the Trump junto today is to procure a revenue to be raised in America by act of Trump and Bessent alone, and as I write these words, I truly wonder if young Scott Bessent even knows this history happened, and that is caused Great Britain to lose her colonies, which takes us back to NOVANGLUS II, to wit:.
Nothing was further from their designs and wishes, than the drawing or sending this revenue into the exchequer in England, to be spent there in discharging the national debt, and lessening the burdens of the poor people there.
They were more selfish.
They chose to have the fingering of the money themselves.
Their design was, that the money should be applied, first, in a large salary to the governor.
This would gratify Bernard’s avarice; and then, it would render him and all other governors, not only independent of the people, but still more absolutely a slave to the will of the minister.
They intended likewise a salary for the lieutenant-governor.
This would appease in some degree the gnawings of Hutchinson’s avidity, in which he was not a whit behind Bernard himself.
In the next place, they intended a salary to the judges of the common law, as well as admiralty.
And thus, the whole government, executive and judicial, was to be rendered wholly independent of the people, (and their representatives rendered useless, insignificant, and even burthensome,) and absolutely dependent upon, and under the direction of the will of the minister of state.
end quotes
In our case today, the minister of state in question is Scott Bessent, Trump’s treasury secretary.
Going back to NOVANGLUS II, we have further as follows:
They intended, further, to new-model the whole continent of North America; make an entire new division of it into distinct, though more extensive and less numerous colonies; to sweep away all the charters upon the continent with the destroying besom of an act of parliament; and reduce all the governments to the plan of the royal governments, with a nobility in each colony, not hereditary indeed at first, but for life.
end quote
And today, we have Trump and Bessent trying to new-model the government and Constitution of the United States, which again takes us back for more, to wit:
They did indeed flatter the ministry and people in England with distant hopes of a revenue from America, at some future period, to be appropriated to national uses there.
But this was not to happen, in their minds, for some time.
The governments must be new modelled, new-regulated, reformed, first, and then the governments here would be able and willing to carry into execution any acts of parliament, or measures of the ministry, for fleecing the people here, to pay debts, or support pensioners on the American establishment, or bribe electors or members of parliament, or any other purpose that a virtuous ministry could desire.
end quotes
Under Trump and Bessent, our national government today must be new modelled, new-regulated, reformed, so that the government here would be able and willing to carry into execution any acts of Trump, or measures of Bessent, for fleecing the people here, to pay debts, and support Trump’s BILLIONAIRE buddies, or any other purpose that Trump and Bessent could desire.
As to real wages for hourly workers, let’s go to a CNBC article titled “Consumer prices rise 2.7% annually in July, less than expected amid tariff worries” by Jeff Cox on August 12, 2025 where we have this reality on that subject, to wit:
Inflation-adjusted average hourly earnings rose just 0.1% for the month, the BLS said in a separate release.
That put the annual gain at 1.2%.
end quotes
But hey, that must be FAKE NEWS from the BLS, which agency, everybody knows, hates Trump and plays politics with the numbers for the sole purpose of making Trump look bad because they hate him, which in turn makes Trump feel bad about himself, because, well, he is human and as a result likes to be talked about nicely, because according to Bessent, household income growth hit 0.7-0.8% in April alone and real wages for hourly workers rose almost 2% in just 5 months, which has me wondering where Bessent gets his numbers from.
As to Alexander Hamilton, the first Secretary of the Treasury, according to our history, he faced multiple accusations of using his position for personal gain and to benefit his associates.
So could Scott Bessent today be accused of using his position for personal gain and to benefit his associates?
Something to think about, anyway, when we stop to consider all the treasury secretaries in our history who have been accused of corruption or involved in it, like during William Adams Richardson’s time as Treasury Secretary with a scheme involved hiring John B. Sanborn to collect unpaid taxes, with some of the collected funds allegedly ending up in a kickback arrangement.
William Adams Richardson was an American lawyer who served as the 29th United States secretary of the treasury from 1873 to 1874 and during his tenure, the Panic of 1873 swept the nation and caused a depression that lasted five years.
And in 1869, financiers Jay Gould and James Fisk attempted to manipulate the gold market with the help of Ulysses S. Grant’s brother-in-law, Abel Corbin, who was allegedly given insider information by General Daniel Butterfield, then Assistant to the Secretary of the Treasury.
And that, people, is how the game of power politics is played here in America, but stay tuned, for this story has legs and room to run!
Re: Just musings, is all
"TRUMPIANISM IS A CLEAR AND PRESENT DANGER TO AMERICA AND THE WORLD!"
CAPE CHARLES MIRROR: Scott Bessent’s interview with Pro Force One news is not about tariffs.
ME: Exactly.
Because our Scott Bessent, who Trump may be grooming to be his replacement to keep the Trump legacy alive, the way Kamala Harris was supposed to perpetuate the Obama/Biden legacy, has far more on his mind with respect to our national government than mere tariffs, which takes us to a Reuters article titled “Bessent hopes Miran in place at Fed by September, leading to rate cut” by Andrea Shalal and Ryan Patrick Jones on August 12, 2025 where we have our Scott working hard to politically contaminate the federal reserve board by loading it with Trump lackeys and lickspittles who will mindlessly do Trump’s bidding for him, and Bessent’s, as well, to wit:
WASHINGTON, Aug 12 (Reuters) – U.S. Treasury Secretary Scott Bessent on Tuesday said he was hopeful the Senate would confirm Stephen Miran, now chair of the Council of Economic Advisers, to fill a temporary vacancy on the Federal Reserve board before its next meeting in September.
end quote
Which of course makes one wonder why Scott Bessent is hopeful the Senate would confirm Stephen Miran, now chair of the Council of Economic Advisers, to fill a temporary vacancy on the Federal Reserve board before its next meeting in September, given that as treasury secretary, a cabinet position governed by the Hatch Act, for all the good that worthless statute does anymore, and this is according to the treasury department website, and they ought to know, one would think, as treasury secretary Scott Bessent is responsible for formulating and recommending domestic and international financial, economic, and tax policy, participating in the formulation of broad fiscal policies that have general significance for the economy, and managing the public debt.
Fiscal policies are not monetary policies, which are the responsibility of the federal reserve, which institution Trump and Bessent are trying to take over and control, which takes us back to the treasury website, to wit:
The Secretary oversees the activities of the Treasury Department in carrying out her major law enforcement responsibilities; in serving as the financial agent for the U.S. Government; and in manufacturing coins and currency.
end quotes
And the activities of the treasury department do not include control of the federal reserve, which takes us back to Reuters, to wit:
Speaking to Fox Business Network’s “Kudlow,” Bessent said Miran’s appointment could lay the groundwork for a big interest rate cut at that meeting, given a major downward revision in jobs data released last week and favorable inflation data on Tuesday.
end quote
Which takes us to a CNBC article titled “Trump threatens Fed chair Powell with ‘major lawsuit,’ demands interest rate cut” by Kevin Breuninger on August 12, 2025 where we have as follows from Trump himself concerning the economy, to wit:
“Jerome ‘Too Late’ Powell must NOW lower the rate,” Trump wrote in the post (on Trump’s own so-called ‘TRUTH SOCIAL’).
“Steve ‘Manouychin’ really gave me a ’beauty’ when he pushed this loser,” Trump wrote, referring to his first-term Treasury Secretary Steven Mnuchin having encouraged him to nominate Powell as Fed chair in 2017.
“The damage he has done by always being Too Late is incalculable.”
“Fortunately, the economy is sooo good that we’ve blown through Powell and the complacent Board,” Trump claimed.
end quotes
Which raises the question of if, as Trump says, the economy is “sooo good,” why do we need to reduce interest rates, when the economic conditions that might warrant lowering national interest rates include when inflation is under control and potentially falling below target levels (e.g., the Fed’s target of 2%), so that the central bank may consider lowering interest rates to stimulate economic activity and avoid deflation, which can be harmful to the economy by discouraging spending and investment.
However, as was made clear as day on August 14, 2025 in the Reuters article titled “US producer inflation heats up as goods, services prices soar” by Lucia Mutikani, inflation in this country is hardly under control, arguing against a cut in interest rates, to wit:
WASHINGTON, Aug 14 (Reuters) – U.S. producer prices increased by the most in three years in July amid a surge in the costs of goods and services, suggesting a broad pickup in inflation was imminent, posing a dilemma for the Federal Reserve.
The stronger-than-expected producer inflation report from the Labor Department on Thursday followed data this week showing consumers paid higher prices for services like dental care and airline fares last month.
Economists had hoped that moderate services price gains would blunt the inflationary impact of higher goods prices from President Donald Trump’s sweeping import tariffs.
end quotes
Blunt the inflationary impact of higher goods prices from President Donald Trump’s sweeping import tariffs?
What inflationary impact?
Trump, Bessent and a whole host of Trump lackeys and lickspittles including fed board members Waller and Michelle Bowman are all saying there are no inflationary impacts from Trump’s tariff taxes on the American people, which takes us back for more on that story, to wit:
Though financial markets continued to anticipate the Fed would resume rate cuts in September, some economists urged caution.
“This is a kick in the teeth for anyone who thought that tariffs would not impact domestic prices in the United States economy,” said Carl Weinberg, chief economist at High Frequency Economics.
“This report is a strong validation of the Fed’s wait-and-see stance on policy changes.”
The producer price index for final demand jumped 0.9% last month, the largest advance since June 2022, after being unchanged in June, the Labor Department’s Bureau of Labor Statistics said.
A 1.1% jump in the costs of services accounted for more than three quarters of the broad-based increase in the PPI.
More than half of the increase was driven by a 2.0% advance in trade margins, including for machinery and equipment wholesaling.
Portfolio management fees soared 5.8%, reflecting a stock market rally.
Hotel and motel room prices rebounded 3.1%, while airline fares rose 1.0%.
The cost of transporting freight by road increased 1.0%.
Goods prices vaulted 0.7% after climbing 0.3% in June.
A 1.4% surge in food prices accounted for 40% of the broad increase in the cost of goods.
Food prices were driven by a 38.9% acceleration in the cost of fresh and dry vegetables.
Farmers have reported worker shortages as the Trump administration rounds up undocumented immigrants.
Wholesale beef prices jumped 4.6%, while those for eggs rebounded 7.3%.
Coffee prices increased 1.1%.
Excluding food and energy, goods prices increased 0.4%, with strong rises in the costs of steel, aluminum and primary nonferrous metals.
There were also sharp price increases for home electronic equipment, sporting and athletic goods.
In the 12 months through July, the PPI increased 3.3% after advancing 2.4% in June.
Economists said the data suggested businesses were not fully absorbing the higher costs from tariffs as some had argued in the wake of a mild increase in consumer prices in July.
“There continues to be clear evidence that prices of a number of durable goods are being passed through to consumers,” said Michael Hanson, an economist at J.P. Morgan.
“If these data survive subsequent revisions, then it might suggest that there are price increases taking place at the wholesale level that are likely to take longer to find their way into the prices facing consumers.”
end quotes
And with that in the record, let’s pause for station identification, and hopefully, we will be back with more, so stay tuned!
CAPE CHARLES MIRROR: Scott Bessent’s interview with Pro Force One news is not about tariffs.
ME: Exactly.
Because our Scott Bessent, who Trump may be grooming to be his replacement to keep the Trump legacy alive, the way Kamala Harris was supposed to perpetuate the Obama/Biden legacy, has far more on his mind with respect to our national government than mere tariffs, which takes us to a Reuters article titled “Bessent hopes Miran in place at Fed by September, leading to rate cut” by Andrea Shalal and Ryan Patrick Jones on August 12, 2025 where we have our Scott working hard to politically contaminate the federal reserve board by loading it with Trump lackeys and lickspittles who will mindlessly do Trump’s bidding for him, and Bessent’s, as well, to wit:
WASHINGTON, Aug 12 (Reuters) – U.S. Treasury Secretary Scott Bessent on Tuesday said he was hopeful the Senate would confirm Stephen Miran, now chair of the Council of Economic Advisers, to fill a temporary vacancy on the Federal Reserve board before its next meeting in September.
end quote
Which of course makes one wonder why Scott Bessent is hopeful the Senate would confirm Stephen Miran, now chair of the Council of Economic Advisers, to fill a temporary vacancy on the Federal Reserve board before its next meeting in September, given that as treasury secretary, a cabinet position governed by the Hatch Act, for all the good that worthless statute does anymore, and this is according to the treasury department website, and they ought to know, one would think, as treasury secretary Scott Bessent is responsible for formulating and recommending domestic and international financial, economic, and tax policy, participating in the formulation of broad fiscal policies that have general significance for the economy, and managing the public debt.
Fiscal policies are not monetary policies, which are the responsibility of the federal reserve, which institution Trump and Bessent are trying to take over and control, which takes us back to the treasury website, to wit:
The Secretary oversees the activities of the Treasury Department in carrying out her major law enforcement responsibilities; in serving as the financial agent for the U.S. Government; and in manufacturing coins and currency.
end quotes
And the activities of the treasury department do not include control of the federal reserve, which takes us back to Reuters, to wit:
Speaking to Fox Business Network’s “Kudlow,” Bessent said Miran’s appointment could lay the groundwork for a big interest rate cut at that meeting, given a major downward revision in jobs data released last week and favorable inflation data on Tuesday.
end quote
Which takes us to a CNBC article titled “Trump threatens Fed chair Powell with ‘major lawsuit,’ demands interest rate cut” by Kevin Breuninger on August 12, 2025 where we have as follows from Trump himself concerning the economy, to wit:
“Jerome ‘Too Late’ Powell must NOW lower the rate,” Trump wrote in the post (on Trump’s own so-called ‘TRUTH SOCIAL’).
“Steve ‘Manouychin’ really gave me a ’beauty’ when he pushed this loser,” Trump wrote, referring to his first-term Treasury Secretary Steven Mnuchin having encouraged him to nominate Powell as Fed chair in 2017.
“The damage he has done by always being Too Late is incalculable.”
“Fortunately, the economy is sooo good that we’ve blown through Powell and the complacent Board,” Trump claimed.
end quotes
Which raises the question of if, as Trump says, the economy is “sooo good,” why do we need to reduce interest rates, when the economic conditions that might warrant lowering national interest rates include when inflation is under control and potentially falling below target levels (e.g., the Fed’s target of 2%), so that the central bank may consider lowering interest rates to stimulate economic activity and avoid deflation, which can be harmful to the economy by discouraging spending and investment.
However, as was made clear as day on August 14, 2025 in the Reuters article titled “US producer inflation heats up as goods, services prices soar” by Lucia Mutikani, inflation in this country is hardly under control, arguing against a cut in interest rates, to wit:
WASHINGTON, Aug 14 (Reuters) – U.S. producer prices increased by the most in three years in July amid a surge in the costs of goods and services, suggesting a broad pickup in inflation was imminent, posing a dilemma for the Federal Reserve.
The stronger-than-expected producer inflation report from the Labor Department on Thursday followed data this week showing consumers paid higher prices for services like dental care and airline fares last month.
Economists had hoped that moderate services price gains would blunt the inflationary impact of higher goods prices from President Donald Trump’s sweeping import tariffs.
end quotes
Blunt the inflationary impact of higher goods prices from President Donald Trump’s sweeping import tariffs?
What inflationary impact?
Trump, Bessent and a whole host of Trump lackeys and lickspittles including fed board members Waller and Michelle Bowman are all saying there are no inflationary impacts from Trump’s tariff taxes on the American people, which takes us back for more on that story, to wit:
Though financial markets continued to anticipate the Fed would resume rate cuts in September, some economists urged caution.
“This is a kick in the teeth for anyone who thought that tariffs would not impact domestic prices in the United States economy,” said Carl Weinberg, chief economist at High Frequency Economics.
“This report is a strong validation of the Fed’s wait-and-see stance on policy changes.”
The producer price index for final demand jumped 0.9% last month, the largest advance since June 2022, after being unchanged in June, the Labor Department’s Bureau of Labor Statistics said.
A 1.1% jump in the costs of services accounted for more than three quarters of the broad-based increase in the PPI.
More than half of the increase was driven by a 2.0% advance in trade margins, including for machinery and equipment wholesaling.
Portfolio management fees soared 5.8%, reflecting a stock market rally.
Hotel and motel room prices rebounded 3.1%, while airline fares rose 1.0%.
The cost of transporting freight by road increased 1.0%.
Goods prices vaulted 0.7% after climbing 0.3% in June.
A 1.4% surge in food prices accounted for 40% of the broad increase in the cost of goods.
Food prices were driven by a 38.9% acceleration in the cost of fresh and dry vegetables.
Farmers have reported worker shortages as the Trump administration rounds up undocumented immigrants.
Wholesale beef prices jumped 4.6%, while those for eggs rebounded 7.3%.
Coffee prices increased 1.1%.
Excluding food and energy, goods prices increased 0.4%, with strong rises in the costs of steel, aluminum and primary nonferrous metals.
There were also sharp price increases for home electronic equipment, sporting and athletic goods.
In the 12 months through July, the PPI increased 3.3% after advancing 2.4% in June.
Economists said the data suggested businesses were not fully absorbing the higher costs from tariffs as some had argued in the wake of a mild increase in consumer prices in July.
“There continues to be clear evidence that prices of a number of durable goods are being passed through to consumers,” said Michael Hanson, an economist at J.P. Morgan.
“If these data survive subsequent revisions, then it might suggest that there are price increases taking place at the wholesale level that are likely to take longer to find their way into the prices facing consumers.”
end quotes
And with that in the record, let’s pause for station identification, and hopefully, we will be back with more, so stay tuned!
Re: Just musings, is all
"LOOKING AT THE PAST TO GAUGE THE FUTURE"
IF tariffs DON’T crush economies, someone please tell us all about all the good Smoot-Hawley did for the U.S. economy and the world economy.
Do Trump and Bessent even know anything about tariffs?
This nation has had a lot of experience with tariffs going back to when we were still English colonies, and it can well be said, if one bothers to read the Novanglus essays by John Adams written between January and April 1775, just before Lexington and Concord, if anyone in America still remembers that, that King George III’s tariffs on America lost him a jewel in his crown.
And passing over a lot of history in between, because we have had tariffs as a revenue source since the nation was founded and the hapless Alexander Hamilton, who got his **** blown away by Aaron Burr, and the Republicans in this nation have been for high tariffs since we have been a nation, for all the good they have done, given how far in DEBT we now are, as a result of profligate politicians, we come to 1930 and Smoot-Hawley.
When the Smoot-Hawley tariff bill finally passed in June 1930; it raised rates on over 2,000 items, but as a whole, pleased no one.
Over 1000 economists signed an open letter to President Hoover, begging him to veto the bill.
President Hoover was not happy with the Smoot-Hawley bill, especially the increased tariffs on many manufactured goods.
In private, he described it as “vicious, extortionate and obnoxious,” but because it included increased tariffs on agricultural products, he felt compelled to sign it.
Hawley lost re-nomination, while Smoot was one of 12 Republican senators who lost their seats in the 1932 elections, with the swing being the largest in Senate history, being equaled in 1958 and 1980.
And Hoover got defeated and booted from office.
Smoot-Hawley did not cause inflation.
It caused deflation, instead, and it contributed to the deflation and economic collapse during the Great Depression by significantly raising import duties on agricultural and industrial goods.
The Smoot-Hawley Tariff significantly raised prices on imported goods in the U.S., making them unaffordable for many.
In fact, like Trump’s tariffs will likely do, because Trump and Bessent expect us to pony up BILLIONS to pay off the massive federal debt we are being held responsible for, and tariff taxes are how they are going to extort that money from us, Smoot-Hawley raised the price of imports to the point that they became unaffordable for all but the wealthy, so this time around Trump’s BILLIONAIRE MAR-A-LAGO crowd won’t feel themselves pinched like us commoners will, and it dramatically decreased the amount of exported goods, thus contributing to bank failures, particularly in agricultural regions.
The Smoot-Hawley Tariff Act also led to a collapse in international cooperation by provoking widespread retaliation from other countries, which imposed their own tariffs in response to the U.S.’s protectionist policies.
This chain reaction of high tariffs, known as a “beggar-thy-neighbor” approach, caused international trade to plummet by about 66% and worsened the Great Depression.
The Act became a symbol of the dangers of protectionism, ultimately ushering in a new era of trade liberalization starting with the Reciprocal Trade Agreements Act of 1934.
But, hey, that was then, and as a younger person recently told me, this time, it will be different, so who in the end really knows.
But we do know the damage Smoot-Hawley did, and personally, I would like to hear Trump, who I consider a flannel mouth or gas bag and his stooge Bessent tell us how this time around, it is really going to be different, and I would bet neither could answer the question, because neither has a clue.
IF tariffs DON’T crush economies, someone please tell us all about all the good Smoot-Hawley did for the U.S. economy and the world economy.
Do Trump and Bessent even know anything about tariffs?
This nation has had a lot of experience with tariffs going back to when we were still English colonies, and it can well be said, if one bothers to read the Novanglus essays by John Adams written between January and April 1775, just before Lexington and Concord, if anyone in America still remembers that, that King George III’s tariffs on America lost him a jewel in his crown.
And passing over a lot of history in between, because we have had tariffs as a revenue source since the nation was founded and the hapless Alexander Hamilton, who got his **** blown away by Aaron Burr, and the Republicans in this nation have been for high tariffs since we have been a nation, for all the good they have done, given how far in DEBT we now are, as a result of profligate politicians, we come to 1930 and Smoot-Hawley.
When the Smoot-Hawley tariff bill finally passed in June 1930; it raised rates on over 2,000 items, but as a whole, pleased no one.
Over 1000 economists signed an open letter to President Hoover, begging him to veto the bill.
President Hoover was not happy with the Smoot-Hawley bill, especially the increased tariffs on many manufactured goods.
In private, he described it as “vicious, extortionate and obnoxious,” but because it included increased tariffs on agricultural products, he felt compelled to sign it.
Hawley lost re-nomination, while Smoot was one of 12 Republican senators who lost their seats in the 1932 elections, with the swing being the largest in Senate history, being equaled in 1958 and 1980.
And Hoover got defeated and booted from office.
Smoot-Hawley did not cause inflation.
It caused deflation, instead, and it contributed to the deflation and economic collapse during the Great Depression by significantly raising import duties on agricultural and industrial goods.
The Smoot-Hawley Tariff significantly raised prices on imported goods in the U.S., making them unaffordable for many.
In fact, like Trump’s tariffs will likely do, because Trump and Bessent expect us to pony up BILLIONS to pay off the massive federal debt we are being held responsible for, and tariff taxes are how they are going to extort that money from us, Smoot-Hawley raised the price of imports to the point that they became unaffordable for all but the wealthy, so this time around Trump’s BILLIONAIRE MAR-A-LAGO crowd won’t feel themselves pinched like us commoners will, and it dramatically decreased the amount of exported goods, thus contributing to bank failures, particularly in agricultural regions.
The Smoot-Hawley Tariff Act also led to a collapse in international cooperation by provoking widespread retaliation from other countries, which imposed their own tariffs in response to the U.S.’s protectionist policies.
This chain reaction of high tariffs, known as a “beggar-thy-neighbor” approach, caused international trade to plummet by about 66% and worsened the Great Depression.
The Act became a symbol of the dangers of protectionism, ultimately ushering in a new era of trade liberalization starting with the Reciprocal Trade Agreements Act of 1934.
But, hey, that was then, and as a younger person recently told me, this time, it will be different, so who in the end really knows.
But we do know the damage Smoot-Hawley did, and personally, I would like to hear Trump, who I consider a flannel mouth or gas bag and his stooge Bessent tell us how this time around, it is really going to be different, and I would bet neither could answer the question, because neither has a clue.