Friday night used to be the ‘best night on television.’ But today Friday afternoon is becoming the best soap opera we could hope for as President Trump pulls out all the stops to keep us both horrified and entertained.
It’s better than reruns of Dallas, for sure, though the hair is just as ludicrous.
Trump laid into FOMC Chairman Jerome Powell again musing aloud on Twitter as to who the bigger enemy of the U.S. was, The Fed or China.
….My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?
— Donald J. Trump (@realDonaldTrump) August 23, 2019
Now, far be it for me to get upset with anyone criticizing the Federal Reserve. The FOMC, is really just a Politburo of Ivory Tower intellectuals with neither the practical experience nor the specific knowledge needed to ‘run the economy.
But, news tip for you, neither does Donald Trump.
If you listen to Trump carefully, seeing him for what he is not what you think he is, what you want him to be or, most importantly, what he wants you to see, you hear a man who fully believes the Fed controls the economy.
You hear a man that firmly believes in the power of the government to remake the world in whatever image it wants, whenever it wants.
You hear a man so solipsistic he can only see the world in terms he defined more than thirty years ago.
You hear a man who fundamentally doesn’t believe trade results in both sides winning but that everyone either wins a deal or loses. If he didn’t extract maximum pain from the other side he ‘lost.’
It’s the source of Trump’s inherent mercantilism.
And that fault in Donald Trump’s character is leading him to ever more extreme behavior as he refuses to reconcile the world we have versus the world he wants.
So he keeps pressuring, embarrassing and humiliating people he wants to make deals with. And when they refuse to do so, he explodes and, like a child who didn’t get his cookie,