Hurricane Nuke

Crazy Train: As you probably heard, Trump reached new levels of crazy on Friday. He flipped out on Fed Chairman Powell for not lowering interest rates during his speech at a Jackson Hole Fed symposium, a meeting where action on interest rates is never taken, even though Powell did hint that another interest rate cut could come as soon as next month. Trump reacted by questioning “who is our bigger enemy, Jay Powell or Chairman Xi," who had just imposed some additional tariffs on US goods.  He then doubled down saying that if Powell wanted to resign, it would be okay by him.  Then because the markets weren’t rattled enough, he “hereby ordered” American companies to “immediately start looking for alternatives to China,” a pretty bold move from a guy who sources all of his MAGA hats and extra-long ties from China.  He later justified his royal edict by saying that the International Emergency Economic Powers Act gives him the right to say and do stupid things whenever he wants.  In response to the China meshugas, economic advisor Larry Kudlow told anyone who would listen that though he concurred with Trump’s interpretation of that act, Donald only meant that American companies should take a fresh look at moving out of China.  Not surprisingly the stock markets were not amused by Trump’s rantings, by the end of the day the NYSE had dropped more than 600 points.  After the markets closed Trump announced an increase on tariffs on Chinese goods.

Biarritz: After freaking out the markets and a large swath of sane people, Trump headed to Biarritz for the annual G 7 meeting. While there he lashed out at the media, or at least the media other than Fox, and claimed that the strength of the US economy was the talk of the town. That said, possibly because the market drop really had him rattled, by Trump standards he was on good behavior, he didn’t shove any other world leaders or leave early in a huff.  Those other leaders appear to have developed strategies for expressing their reservations, delicately.  When Trump asserted that North Korea’s continued provocative launching of missiles didn’t violate any treaties, Japan’s leader Shinzo Abe said oh yes they do. Then when Trump trumpeted a new trade deal with Japan, one that he said would result in Japan buying hundreds of millions of dollars of corn, Abe calmly said there was still more work to be done.  Despite Trump’s insistence that some of the other leaders were supportive of inviting Russia back into the group, UK’s new leader Boris Johnson, who Trump feels an affinity towards because of their shared support of Brexit, said no way that’s going to happen.  Johnson also gently pushed back on trade wars with what he described as a “faint, sheeplike” dissent, saying “we’re in favor of trade peace on the whole, and dialing it down if we can.”  Taking a page from Trump’s book, the meeting’s host, French leader Macron, pulled a fast one of his own, he invited Iran’s Foreign Minister Zarif to attend the meeting for some sidebar meetings on the nuclear deal.  While Trump insists that he was given a heads up about Zarif’s attendance, US aides appeared stunned, an indication that if Trump was given a heads up, it was one delivered at the last minute.  Macron should be careful, over the weekend Axios reported that Trump wants to know why he can’t  nuke hurricanes to prevent them from making landfall over the US.  You never know, Trump could decide to test that out over Martinique or St. Martin.  As to China, this morning, Trump is now suggesting that a trade deal with China is in the offing.  Stock futures are up, for now. Whatever.    

2020:  Though Congressman Seth Moulton, who never even made it to the debate stage, ended his quixotic campaign for the Democratic nomination for president, the real news of the weekend was on the Republican side. Former Illinois Congressman Joe Walsh announced his plans to primary Trump.  Walsh, a tea party Republican who served for only one term before becoming a conservative talk rate show host, is no charmer, he’s been known to say some pretty outrageous things and was one of the many Republicans who advanced the Obama birther crap.  Nevertheless he says that he’s running because Trump is “unfit” and somebody needs to step up and there needs to be an alternative for right wingers because the “the country is sick of this guy's tantrum -- he's a child." The pundit class, or at least the never Trumper Republican crowd thinks that, unlike some of the more civilized Republicans who are toying with running such as former Massachusetts Governor Weld and former South Carolina Congressman/Governor Sanford,  Walsh may be bombastic and aggressive enough to inflict damage on Trump giving some in the party’s right flank a fiscally conservative alternative.  His announced run has already made George Conway, Kellyanne’s husband very happy.  George spent much of Sunday tweeting out his enthusiasm, just another bizarre summer weekend at the Conways.  Though it’s hard to know what to make of Anthony Scaramucci, Trump’s communications director for eleven days, he is also up to something.  Among other things, the Mooch is threatening to create an anti-Trump PAC.  At the same time he claims to be working on cajoling a number of former members of the Trump staff and cabinet to break their silence about the insanity that permeates the Trump White House.  Maybe one of them can address the hurricane, nuke thing?  It’s fair to assume that the Mooch doesn’t expect that other former South Carolina Governor/UN Ambassador Nikki Haley to join him, she spent much of the weekend supporting a lot of Trump’s actions while at the same time dismissing rumors that Trump is thinking about dropping her “good” friend Mike Pence from his ticket in order to add her on.  To that end last week she tweeted "Enough of the false rumors, Vice President Pence has been a dear friend of mine for years. He has been a loyal and trustworthy VP to the President. He has my complete support.”  What’s that about?