Greg Sheridan of Murdoch’s Australian keeps insisting ” don’t listen to what Trump says pay attention to what he does. He’s not that bad”. Good one Sheridan even broken clock is right twice a day.( ODT)
In a wide-ranging and sometimes discordant 20-minute interview with The Washington Post, Trump complained at length about Federal Reserve Chairman Jerome “Jay” Powell, whom he nominated earlier this year. He argued that rising interest rates and other Fed policies were damaging the economy – as evidenced by GM’s announcement this week that it was laying off 15 per cent of its workforce – though he insisted that he is not worried about a recession.
“I’m doing deals, and I’m not being accommodated by the Fed,” Trump said. “They’re making a mistake because I have a gut, and my gut tells me more sometimes than anybody else’s brain can ever tell me.”
He added: “So far, I’m not even a little bit happy with my selection of Jay. Not even a little bit. And I’m not blaming anybody, but I’m just telling you I think that the Fed is way off-base with what they’re doing.”
The Coalition works on the theory that “a rising tide lifts all boats”, which is all very well if you happen to own a boat. The majority of the population is either bailing hard to stay afloat, treading water or drowning.
In the last five years, the world’s economies have made a strong recovery. Investment has returned, GDP is growing, profits are up and jobs are being created.
The problem is that all this extra wealth is going to the people who already own boats.
In 2017, the top ten percent owned 50.3 per cent of all wealth in Australia. The top one per cent’s share was 22.9 per cent while the bottom 60 per cent’s share was 15.3 per cent.
Whether the rationale is the need to wage a war on terror involving 76 countries or renewed preparations for a struggle against peer competitors Russia and China (as Defense Secretary James Mattis suggested recently while introducing America’s new National Defense Strategy), the U.S. military is engaged globally. A network of 800 military bases spread across 172 countries helps enable its wars and interventions. By the count of the Pentagon, at the end of the last fiscal year about 291,000 personnel (including reserves and Department of Defense civilians) were deployed in 183 countries worldwide, which is the functional definition of a military uncontained. Lady Liberty may temporarily close when the U.S. government grinds to a halt, but the country’s foreign military commitments, especially its wars, just keep humming along.