On September 7, I had the pleasure of chatting with Richard Bonugli of the Financial Repression Authority, covering topics previously discussed on Notes From Underground. The podcast allows for a much deeper analysis of topics covered here (and usually over a shorter span). Enjoy the conversation, and, as usual, please follow-up with questions so we can all benefit from the intelligence of Notes From Underground readers.

***French President Emmanuel Macron seems to have a similar narcissistic bent as U.S. President Donald Trump. In an online Financial Times article by the pro-EU commentator Anne-Sylvaine Chassany titled, “Macron’s Reform Odyssey Moves on to Disrupting the EU,” Chassany questions Macron’s recent trip to Greece. In his prepared speech Macron said: “Because it was here that the risk of democracy was taken, the risk that puts the government of the people into the hands of the people in the belief that respectable law is better decided by as many as possible and not as few. We should ask ourselves: What have we done with our democracy?” Once Europe can achieve consensus on common goals then they can tackle “… more fundamental reforms–such as more fiscal transfers among eurozone members–would have to ensue.”

Macron is a MORON! Two weeks before the German elections he is forcing the idea of fiscal transfers into the headlines. This idea is what causes German angst:The Burghers of Bavaria will provide the credit card for all the past debts of its EU sovereign partners. If Chancellor Merkel were to have a narrow victory it would cause her to backtrack on some of her public support for Brussels and the Draghi QE program. President Macron raises the specter of Democracy while pressing for a radical program that makes Germany responsible for the consolidation of European debt. It was former Bundesbank chief economist Otmar Issing who raised the issue of NO TAXATION WITHOUT REPRESENTATION in an FT article more than a year ago.

The concept of German fiscal transfers to Brussels without the vote of the German voters is anything but democratic decision-making. Like Trump, a narcissist in front of the cameras or cellphone is dangerous. Macron, as your domestic support slips you strive to become a player on the international scene. Fool.