Only the South Park Cows and the President of the United States could say the same thing with only the cool people understanding the reference.
What’s this all about? A whole lot of “mou-ing” going on.
But wait, there’s moooo-re:
I don’t mind the bragging, hell, I expect it. The world knew all about it after the United Kingdom, Philippines, and Vietnam (allegedly) signed on to a framework. The algorithms on Wall Street went crazy about it because any reason to pump up the markets is a good reason to let the nonsense continue.
Hell, it’s up seven fold since the 2009 bottom and we can’t have petty little things like higher tariffs and trade wars derail the Bernanke-Yellen great MMT pump while destroying the American middle and lower classes now can we?
However, there is one very important fact to remember:
These are NOT trade agreements. Hell, they are barely outlines and being called “frameworks” by some members of the administration.
They are what is known as a “Memorandum of Understanding” as these pages wrote about way back in May:
The real deals take years to hammer out and in those years since these agreements are not legally binding, if a political party in say the United Kingdom or Japan falls out of power, the MOUs can be rejected and aborted by the new political leadership.
This is nothing but one more desperate attempt by the administration to say “look at me” as the MOU itself, as leaked thus far deliberately to financial media to juice markets, is full of holes which benefit Japan and hurt American companies.
Like the Big 3 US automakers.
So stay tuned for more mou-ing from the administration as they will get as noisy as hell until the cows come home.
