

I believe - and I think there’s a tremendous amount of evidence that supports me - that the stock market is “efficient” in the sense that all information is processed nearly instantly (that doesn’t mean stock markets lead to efficient allocation of capital, that’s a very different thing). So that begs the question, the market is NOT pricing in an economic crash. Why?
It’s reasonable to conclude that market makers are not on the Trump Train and don’t actually believe he will restart American manufacturing or bring in hundreds of billions in tariff revenue.
OK, so that means the market thinks the tariffs won’t have much of an impact. Given the broad consensus among economists of all stripes about tariffs, it’s also reasonable to conclude that it’s not that the market anticipates there will be no impact from tariffs.
Thus, I think that right now the market assumes these tariffs won’t stick, and that they’ll actually disappear fairly soon. Market makers are not blind acolytes of capitalism, though. They have a laser focus on making money. So IMO, I think they have reliable inside information that the tariffs won’t stick. Like, I wouldn’t be surprised if Bessent is begging China to just give Trump the most nominal, pointless win so he can fold. And the market - looking back on the past - thinks China will end up being the rational grown-up and will spare any economic pain for giving Trump is cookie.
And… they might be right. Or at least, I see why this is the response from bourgeois capitalists. But I think if the market ever gets the notion that the tariffs might actually stick then I think you will see the market crash hard and fast. Maybe not as bad as 1929 because I think the market will hold out hope that the tariffs will be lifted (and why would anyone destroy the economy on purpose?) if things get really bad.
Apparently Kneecap came out and said they do not, in fact, support Hamas or Hezbollah.
While a little disappointing, I do believe (and UK comrades can correct me if I’m wrong), that expressing verbal support for “designated terrorist groups” actually can land you in jail in the UK.
So if that’s true, I at least kinda understand why they’re saying it.