We surely are not surprised. Donald Trump is off to an exceedingly bad start, chasing hobgoblins by the name of Canada, Greenland and Panama. Yet these utterly insensible digressions are just more proof he has no coherent game plan to contend with the fiscal and financial time bombs that are going to be detonating all around him after January 20th.

We are referring to the mother of all fiscal crises that will be triggered within months when the US Treasury runs out of both cash and borrowing authority under the $36.1 trillion reinstated debt ceiling. And that may not even be the first inning. The stock market has now reached a point of such extreme “irrational exuberance” that even Alan Greenspan couldn’t have imagined it when he invented the term several decades ago.

For want of doubt, consider what has happened to one of the shiny objects in the crypto space in recent weeks. We are referring to a financial product aptly called “Fartcoin”, which is a newly minted cryptocurrency most assuredly worth $0.000. That is, it pays no interest or dividend, earns nothing, has a zero use case and exists solely to absorb some of the oceanic volume of speculative credit the Fed has unleashed upon the financial system.

Nevertheless, in a matter of weeks Fartcoin has skyrocketed from an initial market cap (ICO) of $3 million on October 18 to a recent peak of $1.5 billion on January 3rd. That’s a 510X gain in barely 70 days, including weekends and Christmas.