You don't have to be a genius to figure out how this tragicomedy ends. But you do have to be able to fog a mirror and otherwise see through Herbert Hoover's incessant bullshit.
Like clockwork, Trump is riding another manic high, goaded on by his Twitter mob of adulating followers. This afternoon he was in Wisconsin bragging about all of the trade wars he's winning. Meanwhile, news broke this week that the trade deficit with China is widening again. It was record wide in December, and was starting to close, but now it's starting to widen again. Partly because China's economy is buckling. Which means Trump believes he has them on the ropes.
This week Trump tweeted that he is not happy with China's lack of buying of agricultural products - a key aspect of the recent G20 truce. Meanwhile, the U.S. was cozying up to Taiwan again this week with an arms deal and a visit to the U.S. by Taiwan's president - both of which infuriated Beijing. It's only a matter of time before Trump sees new Dow highs as the chance to final implode China.
"We have a president who is a businessman and most businessmen have no clue about international economics"
Meanwhile, gamblers in the U.S. are cluelessly euphoric.
Wholly decoupled from reality
From the election to the tax cut, the Dow traveled 7500 points in 15 months. Since the tax cut the Dow has traveled 700 points in 18 months:
