Monday, 19 January 2026

Davos Week. Greenland Blackmail. A Banana Republic With No Bananas.

 Baltic Dry Index. 1567 +35     Brent Crude 64.08

Spot Gold  4673                        Spot Silver 93.35

US 2 Year Yield 3.56 +0.05

US Federal Debt. 38.626 trillion US GDP 31.076 trillion.

We are well on our way to becoming a banana republic in every respect except, of course, that we don't grow bananas.

Burt Prelutsky

Can Davos week’s gathering of many of the world’s leaders, bring an end to President Trump’s blackmail tariff threats to Europe over Greenland?

If not, just how bad to the US, European and global economies will the ensuing US v Europe trade war become?  How long before the EU boycotts US debt sales?

One week to avert the next Great Depression?

Asia-Pacific markets mostly slip as investors assess Greenland developments and key China data

Published Sun, Jan 18 2026 6:45 PM EST

Asia-Pacific markets mostly slipped Monday, as investors assessed threats from the Trump administration toward Greenland over the weekend, as well as key economic data from China out Monday.

Over the weekend, U.S. President Donald Trump and European leaders exchanged tense rhetoric over the Arctic territory, with Trump threatening tariffs on eight European countries and demanding control of Greenland, which is part of Denmark.

European leaders responded by calling the threats “completely wrong” and “unacceptable.”

Over in Asia, China released its fourth-quarter GDP numbers, along with December figures for retail sales, urban investment and industrial output.

Hong Kong Hang Seng index tumbled 1.05%, and the mainland Chinese CSI 300 fell marginally.

Japan’s Nikkei 225 lost 0.97%, leading losses in Asia, while the Topix was down 0.47%. Yields on long term Japanese Government Bonds climbed to fresh records.

The benchmark 10-year JGB yield hit a high of 2.244%, its highest level since 1999. Yields on 20- and 30-year JGBs also hit record highs.

South Korea’s markets bucked the wider trend, with the Kospi up 0.81%, while the small-cap Kosdaq gained 0.68%.

Automaker Hyundai touched a record high as its shares surged as much as 12.59% Monday.

Australia’s S&P/ASX 200 fell 0.48%, dragged by tech stocks.

On the commodities front, both prices of spot silver and gold hit record highs. Silver was last up over 3.63% to $93.17 per ounce, and gold last traded 1.58% higher at $4,668.19 per ounce.

Asia markets slip as investors assess Greenland and China data

Stocks, dollar take tariff hit; gold gets safety bid

By Wayne Cole January 19, 2026 5:07 AM GMT

SYDNEY, Jan 19 (Reuters) - Stock markets slid in Asia on Monday after U.S. President Donald Trump threatened to slap extra tariffs on eight European nations until the U.S. was allowed to buy Greenland, pushing the dollar down against the safe-haven yen and Swiss franc.

Gold and silver both jumped to all-time highs, while oil flatlined on concerns about what a possible trade war between the U.S. and Europe could mean for global growth and demand.

A holiday in U.S. equity and bond markets made for thin trading and probably contributed to a 0.8% drop in S&P 500 futures , and a 1.1% fall in Nasdaq futures .

For Europe, EUROSTOXX 50 futures and DAX futures both shed 1.1%, while FTSE futures lost 0.4%. Japan's Nikkei (.N225), opens new tab fell 0.8%, and MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab dipped 0.1%.

Trump said he would impose additional 10% import levies from February 1 on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and Britain, rising to 25% on June 1 if no deal was reached.

Major European Union states condemned the tariff threats over Greenland as blackmail, and France proposed responding with a range of previously untested economic countermeasures.

The EU's options include a package of its own tariffs on 93 billion euros ($108 billion) of U.S. imports that was suspended for six months in early August, and measures under an Anti-Coercion Instrument that could hit U.S. services trade or investments.

Analysts at Deutsche Bank noted European countries owned $8 trillion of U.S. bonds and equities, almost twice as much as the rest of the world combined, and might consider bringing some of that money back home.

"With the U.S. net international investment position at record negative extremes, the mutual interdependence of European-U.S. financial markets has never been higher," said George Saravelos, Deutsche's global head of FX research.

"It is a weaponisation of capital rather than trade flows that would by far be the most disruptive to markets."

It should also make for a fraught few days at Davos as leaders from around the world gather in Switzerland at the World Economic Forum, including a large U.S. group led by Trump himself.

----The dollar eased 0.4% against the Swiss franc to 0.7988 francs , and 0.2% against the yen to 157.80 .

The cash Treasury market was shut, but 30-year bond futures fell 9 ticks as investors hedged against the risk of future European selling.

Gold proved more of a safe harbour, rising 1.4% to $4,660 an ounce , while silver climbed 3.3% to $92.93.

Oil prices were flat, amid lingering concerns about a potential U.S. strike on Iran as a U.S. Navy aircraft carrier group was expected to arrive in the Persian Gulf this week.

Brent added 0.2% to $64.29 a barrel, while U.S. crude rose 0.3% to $59.65 per barrel.

Stocks, dollar take tariff hit; gold gets safety bid | Reuters

Wall Street Week Ahead

Jan. 18, 2026 5:59 AM ET

It's a holiday-shortened week with markets closed for Martin Luther King, Jr. Day.

The World Economic Forum kicks off its annual event in Davos, with President Trump expected to appear amid a standoff with EU nations over Greenland.

Notable executives on the Davos program include Nvidia (NVDA) CEO Jensen Huang, Microsoft (MSFT) CEO Satya Nadella, Salesforce (CRM) CEO Marc Benioff, PepsiCo (PEP) CEO Ramon Laguarta, JPMorgan Chase (JPM) CEO Jamie Dimon, and Goldman Sachs (GS) CEO David Solomon.

Earnings seasons continues to ramp up, with numbers from Netflix (NFLX), J&J (JNJ), Intel (INTC) and P&G (PG) due.

On the economic front, delayed November and December income and spending data are among the highlights.

Earnings spotlight: Tuesday, January 20: Netflix (NFLX), 3M (MMM), United Airlines Holdings (UAL). See the full earnings calendar.

Earnings spotlight: Wednesday, January 21: Johnson & Johnson (JNJ), Kinder Morgan (KMI), Halliburton (HAL). See the full earnings calendar.

Earnings spotlight: Thursday, January 22: Intel (INTC), GE Aerospace (GE), Procter & Gamble (PG). See the full earnings calendar.

Wall Street Week Ahead | Seeking Alpha

Global week ahead: Hopes that cooler heads can prevail in Davos

Published Sun, Jan 18 2026 2:37 AM EST

Davos Season

I have been going to the World Economic Forum since 2009, when I was a young news assistant on “Squawk Box Europe” and had no idea what I was getting into.

Back then, and still now, it is CNBC International’s biggest outside broadcast of the year, and it’s still thrilling to attend.

The heady combination of world leaders, the most powerful players in business and a splash of celebrity — all navigating the snowy streets of Alpine ski resort Davos — makes for a unique experience.

Many faces of Davos

Over the years, I have seen many versions of Davos: the fall-out from the Great Financial Crisis and European debt crunch; the trading scandal that rocked French banking giant Societe Generale; the surge of the Arab Spring; the rise and fall of Russia; the spread of the Covid-19 epidemic and now the upending of the world order that has been in place since the end of the Second World War.

Everyone has an opinion about this meeting, but one thing is true — it is never dull. And 2026 will certainly be no different.

‘The Spirit of Dialogue’ meets rough rhetoric

The tension between countries that call themselves allies is palpable going into this meeting.

U.S. President Donald Trump has started 2026 by shocking the international community with a series of actions that challenge sovereignty and alliances that have been in place for decades.

He will speak at the Forum on Wednesday, as the global community struggles to assess the impact of his action in Venezuela, his hardline stance towards Iran, advances on Greenland and slow progress toward a peace deal for Ukraine.

The World Economic Forum designated this year as “The Spirit of Dialogue,” but the organization itself has warned in its latest Global Risk Report that “rules and institutions that have long underpinned stability are under siege in a new era in which trade, finance and technology are wielded as weapons of influence.”

-----Ahead of Trump’s speech, we will hear from a number of other world leaders on the first full day of the Forum.

This includes European Commission President Ursula von der Leyen, French President Emmanuel Macron and Canadian Prime Minister Mark Carney. It is likely that all three will urge the importance of the role of NATO as it faces the most significant challenge since it’s inception.

President Trump’s threats of military force in Greenland have put what was previously inconceivable — the end of the NATO alliance — on the table. Reports suggest the G7 could convene on the side-lines of the event, ostensibly to progress a peace deal between Russia and Ukraine, but the tensions with NATO will inevitably be debated.

More

Global week ahead: Will cooler heads prevail at Davos WEF 2026?

Trump vows tariffs on eight European nations over Greenland

January 17, 2026 10:31 PM GM

WASHINGTON, Jan 17 (Reuters) - President Donald Trump on Saturday vowed to implement a wave of increasing tariffs on European allies until the United States is allowed to buy Greenland, escalating a row over the future of Denmark's vast Arctic island.

In a post on Truth Social, Trump said additional 10% import tariffs would take effect on February 1 on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and Great Britain — all already subject to tariffs imposed by Trump.

Those tariffs would increase to 25% on June 1 and would continue until a deal was reached for the U.S. to purchase Greenland, Trump wrote.

Trump has repeatedly insisted he will settle for nothing less than ownership of Greenland, an autonomous territory of Denmark. Leaders of both Denmark and Greenland have insisted the island is not for sale and does not want to be part of the United States.

A Reuters/Ipsos poll of U.S. residents this week found that less than one in five respondents support the idea of acquiring Greenland.

TRUMP WANTS GREENLAND FOR SECURITY, MINERALS

The president has repeatedly said Greenland is vital to U.S. security because of its strategic location and large mineral deposits, and has not ruled out using force to take it. European nations this week sent military personnel to the island at Denmark's request.

"These Countries, who are playing this very dangerous game, have put a level of risk in play that is not tenable or sustainable," Trump wrote.

Protesters in Denmark and Greenland demonstrated on Saturday against Trump's demands and called for the territory to be left to determine its own future.

The countries named by Trump on Saturday have backed Denmark, warning that the U.S. military seizure of a territory in NATO could collapse the military alliance that Washington leads.

TRADE DEALS UNDER THREAT?

Saturday's threat could derail tentative deals Trump struck last year with the European Union and Great Britain. The deals included baseline levies of 15% on imports from Europe and 10% on most British goods.

"The biggest danger, it seems to me, is his decision to treat some EU countries different from others," said William Reinsch, a trade expert at the Center for Strategic and International Studies. "I'm not surprised … It may well convince the European Parliament that it is pointless to approve the trade agreement with the U.S., since Trump is already bypassing it."

Trump floated the general idea of tariffs over Greenland on Friday, without citing a legal basis for doing so. Tariffs have become his weapon of choice in seeking to compel American adversaries and allies alike to meet his demands.

He said this week he would put 25% tariffs on any country trading with Iran as that country suppressed anti-government protests, though there has been no official documentation from the White House of the policy on its website, nor information about the legal authority Trump would use.

More

Trump vows tariffs on eight European nations over Greenland | Reuters

EU scrambles to avert Trump Greenland tariffs, prepares retaliation

By Philip Blenkinsop  January 19, 2026 12:58 AM GMT

BRUSSELS, Jan 18 (Reuters) - European Union ambassadors reached broad agreement on Sunday to intensify efforts to dissuade U.S. President Donald Trump from imposing tariffs on European allies, while also preparing retaliatory measures should the duties go ahead, EU diplomats said.

Trump vowed on Saturday to implement a wave of increasing tariffs from February 1 on EU members Denmark, Sweden, France, Germany, the Netherlands and Finland, along with Britain and Norway, until the U.S. is allowed to buy Greenland, a step major EU states decried as blackmail.

EU leaders are set to discuss options at an emergency summit in Brussels on Thursday. One option is a package of tariffs on 93 billion euros ($107.7 billion) of U.S. imports that could automatically kick in on February 6 after a six-month suspension.

The other is the so far never used "Anti-Coercion Instrument" (ACI), which could limit access to public tenders, investments or banking activity or restrict trade in services, in which the U.S. has a surplus with the bloc, including in digital services.

The tariff package appeared to command broader support as a first response than anti-coercion measures, where the picture was currently "very mixed", according to an EU source.

DIALOGUE IN DAVOS

European Council President Antonio Costa, who chairs EU summits, said in a social media post that his consultations with EU members had shown their strong commitment to support Denmark and Greenland and readiness to defend against any form of coercion.

Danish Foreign Minister Lars Lokke Rasmussen, visiting his Norwegian counterpart in Oslo, said Denmark would continue to focus on diplomacy, referring to an agreement Denmark, Greenland and the U.S. made on Wednesday to set up a working group.

----The eight targeted countries, already subject to U.S. tariffs of 10% and 15%, have sent small numbers of military personnel to Greenland, as a row with the United States over the future of Denmark's vast Arctic island escalates.

"Tariff threats undermine transatlantic relations and risk a dangerous downward spiral," they said in a joint statement published on Sunday, adding they were ready to engage in dialogue, based on principles of sovereignty and territorial integrity.

Danish Prime Minister Mette Frederiksen said in a written statement she was heartened by the consistent messages from the rest of the continent, adding: "Europe will not be blackmailed".

The tariff threat unsettled global markets, with the euro and sterling falling against the dollar and a return to volatility expected.

----Asked how Britain would respond to new tariffs, Culture Secretary Lisa Nandy said allies needed to work with the United States to resolve the dispute.

"Our position on Greenland is non-negotiable ... It is in our collective interest to work together and not to start a war of words," she told Sky News on Sunday.

The tariff threats do though call into question trade deals the U.S. struck with Britain in May and the EU in July.

The limited agreements have already faced criticism about their lopsided nature, with the U.S. maintaining broad tariffs, while their partners are required to remove import duties.

The European Parliament looks set to suspend its work on the EU-U.S. trade deal. It had been due to vote on removing many EU import duties on January 26-27, but Manfred Weber, head of the European People's Party, the largest group in parliament, said late on Saturday that approval was not possible for now.

German Christian Democrat lawmaker Juergen Hardt also mooted what he told Bild newspaper could be a last resort "to bring President Trump to his senses on the Greenland issue", a boycott of the soccer World Cup that the U.S. is hosting this year.

EU scrambles to avert Trump Greenland tariffs, prepares retaliation | Reuters

In other news, that silver scarcity is about to get worse.

Silver: Proof the Western Financial System Is Broken

The physical squeeze is real, the paper market is a lie, and the people running the system know it—but they can’t afford to admit it.

The Silver Academy Jan 16, 2026

SILVER MANIFESTO: THE SYSTEM IS ALREADY BROKEN​

The Squeeze They Can’t Admit​

The ongoing squeeze in above‑ground, globally refined physical silver is now the central fact of this market, not a fringe thesis. Retail investors are marginal; the real accumulation is coming from nation‑states, sovereign entities, and industrial proxies quietly draining available stockpiles.​

What remains is a scramble for leftovers among smaller industrials and retail buyers who are competing over whatever slips past state and strategic hoarders. Anyone denying this is either uninformed, misled, or actively running cover for a system that depends on the public staying trapped in paper promises.​

The Short That Cannot Escape​

Global banks are short billions of dollars’ worth of silver in a market already running long‑term structural deficits. Industrial demand consumes the majority of annual supply before a single ounce reaches investment channels, leaving no surplus for orderly short‑covering.​

To fully cover, these institutions would need years of total global mine output in a world where every incremental ounce is pre‑claimed by solar, electronics, AI hardware, EVs, 5G, robotics, electric trains, batteries, data centers, aerospace, and defense. Every attempt to buy back metal drives prices higher, which makes remaining positions more expensive, creating a self‑reinforcing doom loop.​

When China Turns Off the Spigot​

China now dominates the refining chokepoint, handling an estimated 60–70% of globally processed, tradeable silver. Through export controls, licensing rules, and tighter oversight, it has effectively told the world, “No silver unless it serves Chinese priorities first.”​

Layered on top of that is a Chinese M2 money supply exceeding 45 trillion dollars, larger than the U.S. and Eurozone combined, pouring liquidity into a finite pool of hard assets. That combination—monetary expansion plus chokepoint control over refining—sets the stage for a commodity supercycle with silver in the blast radius.​

Gold Blinks First, Silver Strikes Next​

Global central banks have already made their move, loading up on gold and reducing U.S. dollar exposure at the fastest pace in modern history. Gold has quietly broken out against major equity indices, signaling that fiat‑denominated paper wealth is losing its grip on reality.​

Now silver is starting to outperform gold, forcing the stretched gold‑to‑silver ratio to mean‑revert toward its historic zone near 15:1. With a conservative 4,500‑dollar gold price implied by ongoing central‑bank buying and macro stress, a 300‑dollar silver price is not a moonshot; it is simple ratio arithmetic.​

From Industrial Input to Monetary Weapon​

Silver is the highest‑conductivity metal at the core of every growth driver: solar, AI, 5G, EVs, data centers, robotics, aerospace, and defense systems. Solar alone already consumes a fifth or more of annual supply and is still gaining share as grids decarbonize and compute loads explode.​

In an environment of inflation, geopolitical fracture, de‑dollarization, and systemic financial risk, silver is reasserting itself as a monetary metal with a far smaller market and tighter supply than gold. The 50‑year cup‑and‑handle is not just a chart pattern—it is the visual signature of silver repricing into a world where physical holders dictate terms and paper believers learn what “no offer” really means

More

Silver: Proof the Western Financial System Is Broken

Global Inflation/Stagflation/Recession Watch.

Given our Magic Money Tree central banksters and our spendthrift politicians, inflation now needs an entire section of its own.

Is America on route to become a banana republic?

‘The dollar is losing credibility’: Why central banks are scrambling for gold

16 January 2025

Fifteen minutes after takeoff, the call came for Serbia’s central bank governor: millions of dollars’ worth of gold bars, destined for a high-security Belgrade vault, had been left on the runway of a Swiss airport.

In air freight – despite the extraordinary value of bullion – fresh flowers, food and other perishables still take priority. “We learned this the hard way,” Jorgovanka Tabaković told a conference late last year.

Serbia’s is among a growing number of central banks to hastily amass vast stockpiles of gold, upending decades of conventional economic logic and fuelling an increase in the gold price amid mounting geopolitical tensions. As Washington challenges the US Federal Reserve’s independence, sending jitters through financial markets, the price soared to a record $4,643 (£3,463) an ounce this week, and analysts have tipped it to break $5,000 this year.

As Donald Trump shatters the global rules-based order, official institutions (and private investors) are scrambling to buy gold: the share of the asset in central banks’ reserves has doubled in the past decade to more than a quarter, the highest level in almost 30 years.

Although this partly reflects the soaring bullion price, experts say central banks are also stuffing their vaults as an insurance policy in a volatile world. Many are also rushing to repatriate gold stockpiles held overseas, and slashing their exposure to the US dollar.

“We have moved from Pax Americana to global discord, geopolitically. It is the law of the jungle when we see what the US are doing,” says Raphaël Gallardo, the chief economist at the asset manager Carmignac.

“Investors – private and sovereign – believe their strategic reserves are no longer safe in dollar terms, as they can be confiscated overnight. The dollar is losing the credibility as the nominal anchor of the global monetary system because the Fed is losing credibility, and US Congress is losing its credibility.”

Official reserves are a critical piece in the global monetary puzzle. Underpinning national currencies as a kind of safety fund, they are typically made up of currencies such as the dollar, euro, yen and pound, as well as gold, bonds and International Monetary Fund assets. They are used to help maintain investor confidence, and can be deployed to stabilise exchange rates in times of stress.

Still, the dollar is down but not out. From about 66% of total central bank reserves a decade ago, it has slipped to about 57%. Economists say this is because it lacks a clear alternative. Other fiat currencies – such as the pound, euro, yen or yuan – lack global scale. As a consequence, institutions are turning instead to gold – the world’s oldest reliable store of value.

As a case in point, in June last year – fuelled by the soaring bullion price – gold overtook the euro to become the world’s second-most important reserve asset after the dollar.

“There is no one to replace the dollar. So gold is shining by default,” Gallardo says. “People are returning to what [British economist John Maynard] Keynes called the ‘barbarous relic’, as it is nobody’s debt.”

More

‘The dollar is losing credibility’: Why central banks are scrambling for gold

Trump's Fed fight looks like something from another country

16 January 2026

A political leader demanding questionable policy from the central bank and testing the legal limits to get it - to Martin Redrado, sitting in Argentina, Donald Trump's stand-off with the Federal Reserve feels surprisingly familiar.

Redrado was fired as head of Argentina's central bank in 2010, after he resisted orders by then-President Cristina Kirchner to hand over reserves to help pay off national debts.

He fought the decision successfully in court, but eventually resigned in the face of what he told the BBC was "intolerable" pressure.

Today, the clash is remembered as one of the early warnings of the economic turmoil that later engulfed Argentina, exposing it to high inflation and a currency plunge from which the country is still recovering.

Trump's fight with the Fed has sparked debate about whether the US might be heading in a similar direction.

Since his return to office last year, Trump has accused the chair of the US central bank, Jerome Powell, of mishandling the economy and driving up debt costs for the government by keeping interest rates too high.

But his interventions at the bank have not been limited to social media complaints.

In August, Trump moved to sack a top policymaker, Lisa Cook, a decision now being challenged at the Supreme Court.

Then on Sunday, Powell said the Fed was facing a criminal probe from the Department of Justice, relating to cost overruns at a property renovation - concerns that Powell has dismissed as "pretext".

Market reaction to the drama has remained muted, which analysts said was a sign that investors expect the bank to be able to continue operating freely.

But that faith will be tested in the coming weeks, when the Supreme Court is due to hear arguments about Cook's firing and the president is expected to announce his pick to replace Powell, whose term as Fed chair ends in May.

Redrado said he has been surprised to see echoes of his own battle happening in the US, long held up as a global model.

"This seems more like an emerging market story," he said.

He is not alone in making the comparison.

"This is what you do in banana republics, not what should happen in the United States of America," economist Jason Furman, who led former President Barack Obama's Council of Economic Advisers, told the BBC, using a derogatory term often used to describe countries with unstable politics and economies subject to the whims of a ruling class.

In an interview with CNBC, former Fed chair Janet Yellen, who served as Treasury Secretary under Joe Biden, raised a similar spectre as she warned against the way Trump wants the Fed to conduct policy. "It is the road to a banana republic," she said.

More

Trump's Fed fight looks like something from another country - BBC News

Technology Update.

With events happening fast in the development of solar power and graphene, among other things, I’ve added this section. Updates as they get reported.

Manchester leads global study to set graphene quality standard

13 January 2026

Graphene could transform everything from electric cars to smartphones, but only if we can guarantee its quality. The University of Manchester has led the world’s largest study to set a new global benchmark for testing graphene’s single-atom thickness. Working with the UK’s National Physical Laboratory (NPL) and 15 leading research institutes worldwide, the team has developed a reliable method using transmission electron microscopy (TEM) that will underpin future industrial standards.

Researchers at The University of Manchester, working with the UK’s National Physical Laboratory and 15 international partners, have developed a robust protocol using transmission electron microscopy (TEM). The results, published in 2D Materials, will underpin a new ISO technical specification for graphene.

“To incorporate graphene and other 2D materials into industrial applications, from light-weight vehicles to sports equipment, touch screens, sensors and electronics, you need to know you’re working with the right material. This study sets a global benchmark that industry can trust,” said Dr William Thornley, who worked on the research during his PhD.

“Electron diffraction has long been used to distinguish monolayer from few‑layer graphene, but it’s often applied without a full treatment of uncertainties. By collaborating across 15 leading labs. including the original pioneers, we’ve mapped the pitfalls and shown how to get reliable results” added Dr Evan Tillotson.

“We’ve designed this protocol so it works in real labs, not just in specialist centres. And for organisations without TEM capability, we can provide measurements commercially through our partnership with the Royce Institute,” said Professor Sarah Haigh, Professor of Materials.

The findings are used directly within the ISO/TS 21356-2 international standard, currently in press and expected to be published in 2026. “This work builds on the NPL Good Practice Guide 145 'Characterisation of the Structure of Graphene’ developed in partnership with the University of Manchester, and one of NPL's most downloaded guides.", notes Dr Andrew Pollard, Principal Scientist of the Surface Technology Group and Advanced Materials Strategy Lead at NPL.

Manchester leads global study to set graphene standard

Next, the world global debt clock. Nations debts to GDP compared.

World Debt Clocks (usdebtclock.org)

Trump Obama might think of himself as one, but he is not a dictator. We are not a banana republic yet. This is not an authoritarian form of government. This is a constitutional republic, and the president doesn't allow or disallow. The president can't buy or purchase.

With apologies to Rush Limbaugh

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