Trump (2016): “I call myself the king of debt. I’m great with debt. Nobody knows debt better than me. I like debt for me. I don’t like debt for the country. We have $19T in debt. We are sitting on a time bomb and Hillary Clinton doesn’t have a clue. President Obama has doubled the debt.” P.S: The debt is now at $40T. Trump is responsible for nearly $12T which is about 30%.

🤦 Bessent's latest media tour was a disaster 🤦 "There's nothing magic about the $40 trillion number. We can grow our way out of that" "After the deportations that we've seen and the closing of the border, we don't need to produce as many jobs" The Treasury Secretary made some pathetic attempts this morning to explain bad economic data. Here's a supercut:

My article 'Learning from China’s economic philosophy and policy —IV' indicated, for instance, that unlike Pakistan, in China, banks provide meaningful financing to the real sector. The fourth part of the article series, quoting from the book 'The handbook of China’s financial system' pointed out that in China 'The loans made by banking institutions accounted for 92 percent of the Aggregate Financing to the Real Economy (AFRE) in 2002. While this ratio came down in recent years, it remained at a very high level of 76 percent in 2018.' In Pakistan, on the contrary '...high government borrowing from banks for interest payments has weakened the impact of broad money (M2) growth on the real economy. Instead, this borrowing allows commercial banks and the SBP to earn higher profits. Banks make more money by investing in financial assets, while the government uses funds to pay high interest rates.'