Where is the real wealth created since the November election? Quite apart from the issue of its concentration into relatively few hands, what is the value of the real wealth created by the Stock Market?

Apart from a bunch of zeros, what has ultimately been created by the Stock Market since the November election?

Surely President Trump is basking in their glow, but zeros are empty hollow entities. The glow that they give out can be as easily shut down.

And the glow will disappear as soon as a few individual or corporate stockholders and bondholders will cash in their stocks and bonds, as soon as they will transform their paper wealth into real wealth.

The trigger can be anything. A curb in greed: Some people might say, I got mine Jack—and it is enough for me; the need to repay an accumulating debt might be another trigger.

The few who will do it first will be the lucky ones. They will grab the little cash that lays around as pocket change of the many. As soon as a few others will attempt to carry out the same operation, they—and the rest of the nation—will discover that the pockets are empty. Even the banks do not have enough cash on hand to satisfy the demand. The supply is zero.

Personal credit and national credit have been stretched to their limit of believability.

It is highly unlikely that this Congress will ever again allow the Treasury to bail the failing corporations out and the bail-ins will not last forever.

What can the US government do on its own? The national debt is already bursting at the seams. Few national and international creditors have much residue of trust in the creditworthiness of the government. The faith and credit of the US government is already less than full.

The Federal Reserve System will also be hamstrung this time around: It cannot buy that many more government bonds; it cannot print that much more money. Its accounts are already bursting with unpayable debt. Although everyone knows it, this “secret” is heavily guarded.