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The Protection Racket
Fri, Jan 9, 2026
"Leakers are traitors and cowards."
– Donald Trump
Today, Donald Trump leaked the December jobs figures on social media roughly twelve hours before their scheduled release.
The official numbers confirmed the leak: The US economy added just 50,000 jobs in December. It is a sharp downshift that signals a cooling labor market, yet the S&P 500 ignored the weakness, trading near record highs.
Why did the market rally on weak data? Because the administration is actively bypassing the Federal Reserve. Following the weak report, the White House signaled a $200 billion mortgage bond purchase plan to manufacture liquidity.
The civil war between tech and defense has evolved into a broader theme of imperial stimulus. Investors are aggressively buying sectors where the government is becoming the primary customer, the primary backstop, or – in the case of energy – the primary conqueror.
And the war market has opened a front on American soil.
In Minneapolis, protests intensified after state authorities confirmed the FBI has blocked their access to evidence in the shooting of Renee Nicole Good by ICE agent Jonathan Ross.
After the administration's green light on lethal force, the pattern repeated overnight in Portland. DHS agents shot two people during a traffic stop, immediately asserting a vehicular threat before independent investigators could arrive.
The Financial Times defined the new era today: "patrimonial leadership."
Historians argue the President is less a fascist than a modern mafia boss, a leader who believes in neither the state nor society, but in an extreme capitalism where government is a family business.
Like a chieftain, he deals one-on-one with rival clan leaders, bypassing institutions to cut deals directly (Venezuela, Greenland).
He does not seek war for glory, but for profit.
The market’s rally today is a recognition of this shift.
The White House is forcing mortgage rates down.
The Department of War is forcing consolidation.
Federal agents are forcing stability with live fire.
The free market is over. The family business is open.
View all episodes
By The Hold ReportFri, Jan 9, 2026
"Leakers are traitors and cowards."
– Donald Trump
Today, Donald Trump leaked the December jobs figures on social media roughly twelve hours before their scheduled release.
The official numbers confirmed the leak: The US economy added just 50,000 jobs in December. It is a sharp downshift that signals a cooling labor market, yet the S&P 500 ignored the weakness, trading near record highs.
Why did the market rally on weak data? Because the administration is actively bypassing the Federal Reserve. Following the weak report, the White House signaled a $200 billion mortgage bond purchase plan to manufacture liquidity.
The civil war between tech and defense has evolved into a broader theme of imperial stimulus. Investors are aggressively buying sectors where the government is becoming the primary customer, the primary backstop, or – in the case of energy – the primary conqueror.
And the war market has opened a front on American soil.
In Minneapolis, protests intensified after state authorities confirmed the FBI has blocked their access to evidence in the shooting of Renee Nicole Good by ICE agent Jonathan Ross.
After the administration's green light on lethal force, the pattern repeated overnight in Portland. DHS agents shot two people during a traffic stop, immediately asserting a vehicular threat before independent investigators could arrive.
The Financial Times defined the new era today: "patrimonial leadership."
Historians argue the President is less a fascist than a modern mafia boss, a leader who believes in neither the state nor society, but in an extreme capitalism where government is a family business.
Like a chieftain, he deals one-on-one with rival clan leaders, bypassing institutions to cut deals directly (Venezuela, Greenland).
He does not seek war for glory, but for profit.
The market’s rally today is a recognition of this shift.
The White House is forcing mortgage rates down.
The Department of War is forcing consolidation.
Federal agents are forcing stability with live fire.
The free market is over. The family business is open.