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It was a bullish week for economic news – and a mildly bullish week for both stocks and bonds.

My own theory is that in a post-pandemic age where more of us may have looked death in the eye or prematurely lost a friend or loved one, consumers have embraced what economists call a higher “discount rate.”  In this new “live for today for tomorrow we die” view in an old Epicurean bottle, a higher discount rate means consumers will tend to spend more in the present and save less for the future. Collectively, this helps lead to the kind of strong consumer demand we continue to witness despite relatively low consumer confidence by historical standards.

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Did Secretary of State Anthony Blinken cut a secret deal with Communist China’s dictator Xi Jinping to cover up the role of the Wuhan Institute of Virology (WVI) in genetically engineering COVID-19 in exchange for a smoothing of US-Chins relations?   In the language of the intelligence community (IC), that possibility needs to be “assessed” after the release of a startlingly counterfactual report from the Biden administration’s Director of National Intelligence (DNI) just days after Blinken’s return from Beijing.

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Beware of pollsters bearing pro-Biden or pro-DeSantis gifts.  I base this conclusion on two recent polling events that (once again) reveal a deeply biased and partisan pollster swamp. for example, the post-mortems of the polling results for the 2016 and 2020 presidential elections conducted by Fordham University political scientist Costas Panagopoulos.  In each November election, the IBD/TIPP Tracking poll got the results exactly right.  Good for it!

Yet, the vast majority of the remaining pollsters showed varying degrees of Democrat bias – 10 of the 14 featured in 2016 by Panagopoulos skewed Left and that number was 11 of 14 in 2020.  Would you be surprised to learn the worst offender in 2020 was Quinnipiac while Fox News finished in the middle of the Democrat bias pack in both cycles.

Here’s the obvious takeaway: Today’s polling industry simply cannot be trusted to deliver an accurate and unbiased result. 

Here’s a more subtle takeaway:  LISTEN TO THE PODCAST FOR THIS

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On Friday, I guest-hosted Steve Bannon’s War Room and spent the whole hour with former Navy Seal turned best-selling author Jack Carr breaking down his new book Only the Dead through the lens of MAGA.

Carr has established himself as the King of the Military Thriller yet his prose transcends the genre with incredibly insightful geopolitical and political analysis.

His grasp of MAGA principles such as an end to endless wars, secure borders, fair elections, and a strong American manufacturing and defense industrial base is iron-tight.

For any of your friends who think MAGA is a four letter word, this would be a good book and interview to recommend.

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Slowly, like a capsizing ship, global stock markets are rolling over while bond markets are rallying in the face of a persistent inflation that augurs a long term period of high interest rate austerity.

We have seen no market crash yet – indeed, the stock market has exhibited strong bullish pulses at times over the last year.  Yet, reviewing the tea leaves, that long dreaded, recession-driven bear market may finally be at our door.

What caught my eye this week in this news was the visit of Prime Minister Narendra Modi to the White House and Capitol Hill.  There is also mounting evidence of a meltdown in the commercial real estate market.

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Veni, vidi, vici.  Secretary of State Anthony Blinken came to Beijing, saw and kowtowed to Xi Jinping, and yet another American diplomat was conquered by Communist China’s “endless delay” negotiating strategy.

I know this negotiating strategy all too well from my four years in the Trump White House trying to negotiate an end to China’s unfair trade, cyber attacks on America, crushing of Hong Kong, and various other forms of aggression and Chinese imperialism. 

In his latest display of diplomatic impotence, the deepness of Blinken’s kowtow was startling. 

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LOVING JACK CARR'S ONLY THE DEAD

Republican voters clearly embrace Make America Great Again (MAGA) principles, including reshoring America’s factories, secure borders, strategic energy dominance, an end to endless wars, draining the DC Swamp, and fair elections.  If this MAGA center holds, a Republican super-majority coupled with MAGA-leanin  g Independents and “Trump Democrats” will deliver a Republican landslide.

Democrat strategists’ best chance of winning is to turn MAGA into a four-letter word associated with “domestic terrorism” and “extremism.” Joe Biden used this messaging strategy with surprising success in the 2022 Congressional elections, and Republican strategists must counter it by more clearly articulating, as my new book describes it, The True Meaning of Trump’s MAGA.

While normally I would shamelessly urge you to buy this book (a 99-cent Amazon steal), instead, I recommend former Navy Seal Jack Carr’s new thriller Only the Dead as a far more entertaining grassroots MAGA primer.

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The small news of the week was that the Federal Reserve paused its interest rate death march in the wake of allegedly dovish news on consumer and producer prices. The bigger news is that if one probes further, these reports tell us that America’s working and middle classes are likely looking forward to several more years of persistent inflation, relatively high interest rates and subpar economic growth, in other words, stagflation.

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Newsmax's Eric Bolling and former Trump trade czar Peter Navarro break down some of the big issues behind the Trump indictment. 

Navarro shares a poignant moment from the White House when greeting President Trump back from Walter Reed Hospital after a life-threatening bout with the Communist China/Fauci virus.

Follow Navarro at http://peternavarro.substack.com for the latest on the economy, Communist China, and all things Trump 2024