United States

The Assault on Trump

Paul Craig Roberts

We are witnessing an assault by the national security state and its liberal media on a President of the United States that is unprecedented.

Donny Boo Boo has become Donny Boo Hoo. He ain’t DJ Khaled, because for Donny it’s, “All I Do is Whine”.

Who, but the Narcissist-in-Chief and King of Superlatives, could go to a graduation ceremony---the Coast Guard of all places---and make just about the most important day in all those young persons’ lives all about HIM.

“Look at the way I’ve been treated lately, especially by the media….no politician in history, and I say this with great surety, has been treated worse and more unfairly”. Kleenex, please! Oh, you poor victim!

European and Asian stocks slumped on Thursday following the worst one-day drop in US stocks in 8 months, while S&P futures tumbled to session lows, down 0.3% to 2,350 after initially posting a modest rebound, following a new Reuters report alleging that Trump campaign members communication with Russians on at least 18 occasions, and which prompted today's risk off mood sending the USDJPY crashing by 100 pips from overnight highs of 111.40.

Yesterday's market dump, the biggest one-day selloff in eight months as concerns about the stability of the Trump administration and concerns about a potential Trump impeachment finally slammed risk assets hard, is also a one-off event. At least that's the opinion of Bloomberg commentator and former trader, Mark Cudmore, who overnight wrote that "without some major new developments, it’s unlikely to be the start of a severe correction. In fact, the worst is probably over already for U.S. equities, for Treasury yields and for the dollar."

Back in February we reported that as America's deflationary wave spread through the grocery store supply chain, the scramble for America's bottom dollar was on, and it prompted America's largest low-cost retailer Wal-Mart to not only cut prices, but to squeeze suppliers in a stealthy war for market share and maximizing profits, a scramble for market share which is oddly reminiscent of the OPEC 2014 price fiasco and is certain to unleash a deflationary shock across wide portions of the US economy.