by John Mauldin
GoldSeek
Two weeks ago, I opened this letter by noting the election uncertainty, once over, would give way to a different uncertainty about what comes next. That’s where we are now.
I fully expected a closer outcome that would take some time to resolve. Instead, we have an undisputed president-elect moving full speed ahead. And what we see publicly is a small part of what’s happening behind the scenes. I am reasonably well informed, and I have a lot of friends who are very well informed, but I don’t know anyone who hasn’t been surprised. And it’s not clear how everything will play out. It gives a whole new meaning to the lyrics: “A wheel in a wheel… Way up in the middle of the air.”
Our uncertainty stems from the simple fact that change is hard. Everything Trump wants to do will face powerful opposing forces, and not always Democrats. Many will be other Republicans, or people who supported his campaign. Some people helped Trump win precisely because they wanted to influence his actions. That’s how politics works. The technical term is “logrolling.”