If you had a bad week in markets since “Liberation Day”, here’s your “Daisy”.
Stephen Miran.
American economist and current chair of the Council of Economic Advisers since March 2025. (Sorry Mark, you’re STILL a “bridesmaid” and a hilarious talking head for a very sketchy operation — LOL)
Back to Stephen – Senior Strategist at Hudson Bay Capital Management: https://www.hudsonbaycapital.com/our_research.
Here’s what he said about global trading: https://www.hudsonbaycapital.com/documents/FG/hudsonbay/research/638199_A_Users_Guide_to_Restructuring_the_Global_Trading_System.pdf
A co-founder of the asset management firm Amberwave Partners.
Adjunct fellow at the Manhattan Institute.
Confirmed for CEA Chair on March 12, 2025 in a 53-46 vote by the U.S. Senate and was given access to “weapons of mass destruction.”
3 weeks after the after-party, Stephen dropped this a week ahead of Liberation Day: https://www.whitehouse.gov/briefings-statements/2025/04/cea-chairman-steve-miran-hudson-institute-event-remarks/
Let’s take some liberties with what Stephen actually said, and paraphrase Miran’s key points:
- “Listen up, you Freeloading Bozos – we do it all for you. We give and we give and we give. But there ain’t no more to give.”
- “We provide you ‘serious muscle’ – a security umbrella creating the greatest era of peace mankind has ever know. Our dollar, Treasury securities, and reserve assets underwrite the global trading and financial system which made you (and our DC War Party politicos) richer than you really should be.”
- “As much as we love you all (COUGH), this party is not cheap or free for us. You’re pigging out and your damn trade deficits are unsustainable.”
- “Your pig-out trashed our manufacturing sector. Our working-class families and their communities (beloved voters that they are) are getting pillaged.”
- “Our voters have been paying for your peace and prosperity”.
- “The USDs and Fed policies the world loves kept everyone’s borrowing rates insanely low making the rich richer and the poor poorer. But things are getting out of hand – notably in currency markets.”
- “The Don says the party’s over.”
- “So, we’re going to make some changes with the PRC/PBOC in mind.”
- “Want to continue enjoying our USDs and DOD? Time to pay up. We can do it the easy way or the hard way – but regardless what you decide, things are going to change.”
- “Here’s the deal — you can accept tariffs on your exports to the United States without retaliation. That’s the easy way.”
- “Or, you can stop unfair and harmful trading practices by opening your markets and buying more from America — a lot more. That’s also the easy way.”
- “Or, you can start paying your own way defending your pathetic little fiefdoms – also part of the easy way.”
- “Or, you can build factories here in the USA. Easiest of all.”
- “Or, Venmo the dough directly to us. We can make that work if you prefer.”
- “We’re still here for you freeloading cherry pickers as you work the numbers. Our trading systems, too”.
- “But, however you decide to pay, it’s time to pay. And, one way or the other you will pay.”
- “Prefer retaliating? Don’t recommend it but, hey, I get it – there are some hotheads out there. OK, we can do it that way, too Remember who supplies your weapons, ammo, spare parts and intelligence to your defense. How long do you think you can run on inventory. Our Carrier Strike Groups, and advance-deployed Army, Marine Corps, and Air Force can pack up and leave as quick as we dumped Afghanistan. And remember who runs SWIFT.”
- “As Treasury Secretary John Connolly famously said in 1971 when the US suspended gold convertibility, and threw an extra 10% across-the-board tariff on y’all, the dollar is ‘our currency, but it’s your problem‘”.
- “Thanks for listening – have a nice day.”.
Econophysics2020 