I submit Europe, Brussels, has become a haven for the blood sucking and remorseless elite generational rich, catering to those who produce and provide nothing but arrogance born of privilege.
3
Trump goes on the World Stage and throw bombs at our alis. One day he will phone for help and No one will pick up.
14
I wish the NYT had emojis rather than just the recommended link. Then we could easily tally what your readers think of this ridiculous claim. I would give it a haha emoji but there's really nothing funny about this psychopath telling lies that will likely result in the death of thousands of innocent Iranian civilians and military personnel on both sides. It is unfortunate that we here in North America have never actually had to experience what warfare means to the civilians. If the hawks had had their homes bombed out and their families killed in a war they might be less eager to start one, especially one as unjustified as what the Trump gang is promoting.
9
He is the personification of the old adage: "When you point one finger, there are three fingers pointing back to you."
9
The idiocy of this man takes my breath away. Who else ever in history has been so privileged as to see the [mis]workings of mindlessness at such a scale and with such influence?
14
So, let me get this straight: According to the NY Times and many of the people weighing in here, economic prosperity here in the U.S. is definitely a "zero-sum" game. "If you are getting richer, I must be getting poorer, and therefore I want more taxes on you!" But, globally, it's not a zero-sum game. In actuality, it's exactly the opposite. If someone buys a German car, they are NOT buying an American car (for the same purchase). So, it IS a zero-sum game.
How does the NY Times come to the conclusion that the American President is not supposed to look out for American interests? You STILL don't get why Trump won. We are Americans, not Globalists. We want AMERICA to do well, and it's not that we want others to do poorly, but we expect our President to look out for OUR interests. You know, like every other president is doing for their country?
Why do you hate America so much?
3
@Tim Perhaps because it IS IN FACT, with a few minor caveats, a zero sum game. When a company has only a certain amount of money to spend, say $1M in profit, can it spend that money BOTH on hiring and giving wage increases to its employees AND on bonuses for its executives? Can it spend that money on BOTH healthcare for its employees AND on capital improvements?
OF COURSE IT CAN'T! The only caveats are that it might be able to make more money, but then, it might not, and even if it does, it cannot spend that $1.5M on salary increases, if it spends it on executive bonuses, can it? And THIS year, it cannot simply WISH it had more money, and have it appear out of thin air!
I do believe that most company books specify EXACT sums, NOT vague sums like "$1M give or take $500K." A company has an exact certain amount of money in its account, and THAT is in fact A ZERO SUM GAME!
If not, then why don't companies just give all their employees big, fat raises, without worrying about where the money will come from? I mean, in a non-zero sum game, they can always make more, right?
ANYTHING that involves money, which is always available in FIXED amounts, is in fact a zero sum game.
1
@Tim As someone who loves America, don't buy products sold by companies owned or operated by the Trump family, because most were probably made in foreign countries. Demand the closing of all those Japanese and German car factories producing their cars in the U.S. Tell the U.S. workers in those factories to go home, turn on Fox News, buy MAGA hats and watch Trump rallies.
8
@Tim Perhaps because it IS IN FACT, with a few minor caveats, a zero sum game. When a company has only a certain amount of money to spend, say $1M in profit, can it spend that money BOTH on hiring and giving wage increases to its employees AND on bonuses for its executives? Can it spend that money on BOTH healthcare for its employees AND on capital improvements?
OF COURSE IT CAN'T! The only caveats are that it might be able to make more money, but then, it might not, and even if it does, it cannot spend that $1.5M on salary increases, if it spends it on executive bonuses, can it? And THIS year, it cannot simply WISH it had more money, and have it appear out of thin air!
I do believe that most company books specify EXACT sums, NOT vague sums like "$1M give or take $500K." A company has an exact certain amount of money in its account, and THAT is in fact A ZERO SUM GAME!
If not, then why don't companies just give all their employees big, fat raises, without worrying about where the money will come from? I mean, in a non-zero sum game, they can always make more, right?
ANYTHING that involves money, which is always available in FIXED amounts, is in fact a zero sum game.
You cannot make a zero-sum game into a non-zero-sum game just by thinking wishfully...
"beggar-thy-neighbor policies"
The projection here is mind-blowing.
1
Navarro thinks Germany is a currency manipulator when they don't even have a currency. This is the level of illiteracy we are dealing with.
12
@Molly ONeal Germany doesn't have a currency? I thought they did. It's called the Euro.
Oh, maybe you mean that they don't have their OWN currency? Well, actually they have that as well, although it can be spent anywhere in the European Union...
Can they manipulate it? I'm not sure...
Trump as usual has no idea of how the world works.
15
Europe first, dude !
What did you expect ?
11
To President Trump, economics has always been a zero-sum game: If another country is winning, the United States must be losing.
“I want to be given a level playing field, and so far I haven’t been.” - DJT
When has Trump ever wanted a level playing field? Not in his real estate business, not in the political dealings. A "good deal" to him requires that the other entity MUST lose so that he can claim victory. He is not intelligent or insightful enough to realize that the world economy is interconnected and it has been to an increasing degree since before 1928. Our economy and all Americans benefit from a strong world economy. A strong Europe opens up opportunities for US companies to expand. Indeed, Trump's argument for the large tax cut to the 0.1% was that they will then re-invest in companies and create more jobs at better wages. Really? Is this any different than allowing Europe to prosper creating jobs for Americans in the US and providing high quality goods at a lower price putting more money in the average American's pocket? Has he never heard of the Marshall Plan? I guess not given his disdain for reading or for history.
Admittedly, the issue with China is different and needs to be addressed with these differences in mind. In this global society, we must look beyond our boarders and support allies to maintain global security and stability. Mr. Trump, you are not only an anachronism, you are a threat to world stability due to your ignorance.
14
@Bob Parker The Marshal Plan? That was 72 years ago! Just how long do you think Americans should support the rest of the world? And didn’t we do enough to help rebuild Europe, Japan and other trading partners? Wouldn’t you like to see some investment in US infrastructure? Maybe some new water pipes, levees, bridges? How about decent housing for our soldiers and their families? How about some R&D in clean coal technology? How about some decent jobs for Americans?
1
Once again Trump is doing Putin's bidding. By attacking our European allies, he is attempting to weaken the United States' relationships with the countries that stand by us, and on whom we rely. How sad a President should behave like this. It is embarrassing to all of us.
18
Trump thinks everyone works for him, including the American people. Let’s show him otherwise in 2020.
13
The man will say anything to excuse any failures which might be attached to his presidency. The one true fact about Donald Trump is he lies and apparently believes his own lies. Day by day he lowers the standard of what was once a proud American heritage.
11
It isn't just that trump doesn't understand world (or national) economy at all, it's also that narcissists do indeed see things as zero sum, black and white, "you get anything at all, I've lost everything totally - and that must be prevented at all cost." The narcissist not only constantly watches his own reflection in the water, if anyone else even approaches that pond on their hike around it, he aggressively shoves them back to where they came from.
4
Another instance of Trump blaming someone else for his problems. Another instance of Trump lacking the intelligence and information to develop, or have others develop, sensible economic policies.
10
Our massive defense spending and perpetual wars... do we want Gemany, Japan, Russia, and China to do the same? We already see what a little imp in N Korea has created.
5
"Trump Accuses Europe of Bolstering Its Economy at America’s Expense?" Well, Trump is OPENLY trying to bolster the AMERICAN economy at EVERYBODY else's (especially all our closest allies') expense!
As always, Trump is a hypocrite of the very first order.
14
I’m bothered by the New York Times’ DAILY agenda of bashing Trump as “front page news.”
It’s totally fine for the Opinion/Editorials section. But, their opinions don’t belong on the front page, which is supposed to be more about “facts.” However, by virtue of being on the “front page,” these opinions are blurred into being accepted as “facts” by less discerning readers.
See the criticism here from the headline: “President Trump is increasingly viewing international economic policy through a narrow lens, seeing only how other countries decisions affect the United States.” That belongs in the Opinion/Editorials section. But, it’s presented as a front-page headline!
I side with Democrats on some topics and with Republicans on other topics. I voted for Hillary Clinton in the last presidential election. I’m “moderate/libertarian.” However, between Socialists like Bernie Sanders, Elizabeth Warren and AOC, plus media reporting like this, I find myself moving further away from “The Left” and a little closer to “The Right.” I’m really bothered by “news sources” presenting “information” this way. Often, the bias is obvious. But other times, it’s more subtle. And the scarier part is when the bias is in the form of what is not selected or selected for publication in the first place. As readers, we only see what is written for us. “Journalism” has gotten much worse in recent years.
1
@ABC123
As a die-hard "lefty", I still see your point about the front-page editorializing. But please don't confuse the messenger with the message. If you do indeed see yourself moving from Left to Right, at least stop and see how Fox News handles the "facts", and apply the same standards to them. Hang in there; the country needs our "moderate/libertarians".
10
If he's so gung ho on weakening the value of the dollar, he can increase the supply by giving away his supposed fortune.
5
1. Attack allies
2. Praise ideological enemies
3. Call mainstream media "the enemy of the people"
4. Call critics old, ugly, "mean" or use some other derogatory schoolyard adjective
5. Break some constitutional law or rule.
5. Rinse and repeat...
10
Had a good laugh at the title of this article: "Trump accuses Europe of Bolstering its e Economy at America's Expense." Well duh stable genius.
2
In supporting a no-deal Brexit Trump is complicit in lowering the value of the British Pound. Shouldn’t he write himself an angry tweet?
4
Why is it that everyone thinks he or she is an expert? We are not because we do not have all of the facts that every US president has. All of our presidents act differently with these facts because they have different experiences. History proves this.
Trump is no different. He sees all of the social problems that the US people have had for decades caused by "We the People" continuning to financially assist all of the people in the world to have a better "quality of life". The financial assistance is military, food, trade, etc.
"We the People" have many problems in the US and now we have a US president that has listened for years and is dealing with the major problems such as the VA, jobs, infrastruture, military and potentital cyber wars, immigration and more. Visit Europe and see its beauty and moderinzation after World War II. Same for East Germany and East Berlin. How did this happen? Visit China and their trade surplus for years.
"We the People" provided all with trade surpluses and other financial opportunities. As for Iran, study its history and its need to be "great" again by exporting terorrism rather than following Israel.
Trump is an action person and action people get things done. Government people talk, talk and talk. Review Trump's report card since becoming US president and you cannot but help to say he has accomplished much more than any other US president because he is "not kicking the can down the road." Jobs alone set him apart!
@John Samore, Jr. Yes he gets things done. Trump University, Trump Airlines, Several Casino's, Bankrupt! Trade wars, tension in the Middle East. No he is not kicking the can down the road he is shoving it in the face of our allies.
12
Trumps own protectionism through tariffs is causing the EU economies to slow and the only way they can counter this to stimulate their own economy is to lower interest rates which impacts the euro. Any first year economic student would know this, unfortunately Trump lacks the education to grasp this concept.
8
This should not be in the news section. There are no real facts or even discussion on the complexities of currency exchange rates or trade imbalance, the history of those and their impact on economies, or even a suggestion as to what may be a path forward.
The article starts off with the daily attack on Trump in a statement that uses the term 'always' and 'must' without even an attempt to discuss the EU and it's similarities to the US's approach. "To President Trump, economics has always been a zero-sum game: If another country is winning, the United States must be losing."
And then it goes on to show how the EU is doing it's best to protect European interests; as if that is okay, but not okay for the US.
I don't like Trump, his style, and doubt he's got enough knowledge to wade through international currency policies. However, I do see him doing what the EU has been doing and what China has done for 3 decades, without manipulating the currency.
ON the one hand, we want to eliminate the economic inequities - raise the poor to middle class. On the other hand, we hate Trump and everything he does or says, regardless of what it does to the US economy. As if we can just tax the rich and not worry about trade or the rest of the globe. Of course, on the third hand, we want the whole world to prosper and be progressive; but not interfere with governments regardless of their tyranny. Whoa!
1
@Ma You aren't paying attention. Trump is driving up the dollar systematically, first through his trillion dollar deficits, which forces Treasury to sell far more bonds, a large share of which go to foreign investors, who demand dollars to make those purchases; second through the uncertainty his erratic policies, principally the Trump Trade Wars, which leads to a flight to safety--which means more demand for Treasuries. Trump is inflicting significance, measurable damage to the American economy, and utterly failing to make America more competitive--he is making no strategic investments in infrastructure or human capital. Thus Trump is accelerating America's decline, both on the global stage and in its economic competitiveness.
16
@Ma Well said. Fact is, Trump is hated by all these commenters because he stopped the liberal policies of the recent past. They will never support him and always attack. Which renders their opinion meaningless.
I love the phrase "Trump's Trade War" Ok. If there's a "Trade War," there are two sides (at least). Is it the "China Trade War?" The phrasing along hints that the writer supports China more than America.
@Tim It’s a trade war that Trump started because he is clueless on how international trade operates.
He doesn’t understand how the system of payments are settled.
5
“Global growth stands to benefit if the European Central Bank’s promises avert a more severe slowdown, and the United States itself stands to gain if Mr. Draghi’s actions prevent broader economic pain across trading partners. But to a president who views globalization as a negative, those links are seen more as ways to hurt, not help, the United States.”
Trump’s an economics dummy, in spite of his bought and paid for degree from the Wharton School. No wonder he’s managed to bury his transcripts, as many suspect he barely scraped by.
8
It’s odd that British and German bathroom fixtures have gone up considerably in the last year, if what Trump said were true the opposite should happen.
5
It is becoming clear that the best way to know what Trump is up to with regard to gaining advantage over other people or other countries is to observe closely what he is accusing others of doing to him.
13
Though Trump's relationship with European leaders has been fraught with tension from the start, I wonder if we have any allies left to alienate. Saber-rattling in an era of peace makes it hard to forge a coalition if—or when—we go to war.
15
A question for some enterprising reporter: Did Trump really get his degree from Wharton, or did some fast food joint get one printed up as a reward for his loyal business? Or maybe it was an enclosure in a box of breakfast cereal.
19
@Stephen Landers ....maybe even out of a Cracker Jacks box!
3
Donald Trump is the last person we should listen to about the viability of any foreign or domestic economic policy. His tunnel vision is aimed only at what he wants to see.
15
Then he turns around and trashes the independent Federal Reserve
8
OK, here we go folks, no Obama or the Clintons to blame for an economic slowdown, it’s the Europeans! No, all of you that blame the all out tariff war against the world, stop it!
12
It's of little importance that Trump knows nothing about economics, but that his counselors are are ignorant as he is is grotesque.
All Presidents lean on the team they have chosen. Look at the 23 Democrats running to be the anti-Trump. Only a couple of them who have served in Congress have more than a vague clue about foreign affairs. That the mayors and less will chose a really competent team is doubtful. But the profound and aggressive ignorance of this real estate mafioso has no brighter backup is disastrous.
2
Have we in modern history ever had a more incurious, reductive, belligerent ignoramus at the helm? Thanks but no thanks to Trump’s mob boss view of foreign relations where he imagines he is “sticking up for America,” a country that I no longer recognize, nor support in regard to both foreign and domestic policy.
18
@pixilated Yes - Obama (the king of the narcissists), Clinton, Carter, Johnson, FDR, TR, to name a few.
The Euro. "Our" currency and "your" problem.
;-)
3
@rogox And “their” currency: CHF.
The fact the such a man can have a following at all, points to the demise of America. When voters can be fooled by so obvious a huckster, Democracy dies not with war but with a whisper.
23
Ha you've been lied to for years from both parties. Trump is just way more overt in his lies. Obama did it with a wink and a smile, is the only difference. At least you know what you get with Trump, but all the others lied to your face just the same. The previous leadership we had sold this country out and got bamboozled by our so called "allies" If we had effective leadership Trump wouldnt havent got elected in the first place
1
I think I finally understand the source of Trump's behavior. Sibling rivalry competing for his father's meager attention. He's never grown up.
5
The question was asked of another Republican sixty-five years ago, "Have you no sense of decency sir, at long last? Have you left no sense of decency?" (Joseph N. Welch to Senator Joseph R. McCarthy, June 9, 1954, the 30th day of the Army–McCarthy hearings.)
Now, as then, the answer to that question for this regime — and virtually every Republican officeholder across the land — is a resounding, unequivocal and absolute NO.
Nor have they any actual patriotism — defined as fealty to the Constitution, to which each and every one of them swore an oath to support and defend.
As he left Independence Hall on the final day of deliberation at the close of the Constitutional Convention of 1787, a lady asked Benjamin Franklin, "Well Doctor what have we got — a republic or a monarchy?"
"A republic," replied the Doctor, "If you can keep it.”
(From the notes of Dr. James McHenry, Maryland delegate to the Convention, first published in "The American Historical Review," vol. 11, 1906.)
"If you can keep it," indeed.
And so, the words spoken that Thursday afternoon in November of 1863 in a little town in Pennsylvania have come to pass: government of the people, by the people, for the people has indeed perished, having been replaced instead with government of, by and for corporations and the obscenely wealthy — thus bringing us to that point beyond which the answer to the question, "What do you think of the United States of America?" will be, "It was a nice idea."
15
@AJ North
Beautifully stated, but premature. Trump, McConnell, and the selfish, greedy Republicans have not won yet. However, it is past time for the intelligent, patriotic leaders of this country, particularly those in the House and Senate to stand up to them. Some Republicans understand this and they need to speak up. The Democrat strategy of waiting for the 2020 election is too slow and depends upon an apathetic generation of young Americans putting down their cell phones long enough to recognize that their Country, the "Land of the Free and the Home of the Brave" is being kidnapped. A lot of good could be done by people (of all ages) around the country rallying against Trump, his policies (if he has any) and his methods.
5
I believe that if President Trump continues with his protectionist agenda a global recession will be the outcome. How he views that as helping make the USA great again when its exports hit rock bottom is bizarre.
Trump is a bully who refuses to lose at any cost. He is willing to sacrifice everything gained by all his predecessors without a thought to what that will mean in the future. His forward thinking goes as far as six months no further.
7
@Robert Price
6 months is forever with this guy. Probably doesn’t go much further than what’s for lunch.
Trump represents only himself and his own opinion, which changes by the minute. He does not speak for the people of the US and does not pretend to. The people of this country unilaterally reject everything he says and everything he stands for. His base is an inexplicable waste of time.
6
Let me get this straight: Trump's philosophy of America First means it is OK to ruin other countries' economies to, in theory, help the American one, but if the European Union tries to help its own economy, and that could hurt the US economy, it is bad? Egotism is the Trumpian National Ideal and his base goes wild in support? How far have we come from the shining light on the hill, let alone the Golden Rule? Trump's base sees him as the Second Coming. I'm just praying for the First Going.
19
Contrast what is happening in Europe to the United States Stock Market. It is announced Trump will meet with Xi and the stock market goes wild. What do they base their enthusiasm and optimism on? A meeting. With Trump. Whose 1:1 meetings with other world leaders on important issues have accomplished what exactly? A parent of a five year old knows not to open the cookie jar when the child threatens to hold his breath until he passes out unless you give him a cookie. The stock market opens the jar and starts taking out many of them. And tomorrow they will hear Xi is not interested and the market puts them all back. Only fools rush in.
8
So, in Trump's view, if one takes steps to prepare one's self from the adverse effects of what Trump has done, those steps are a threat to the security, stability and economy of the United States. We saw do it against Canada, India, the EU... so the UK has better learn its lesson and open up its economy and social services to Trump's whims. Or else.
2
All I know is I paid 3000 less in taxes last year and my investments keep going up. What more could you want. And the government is making money on tariff consumption taxes.
@Rich Murphy You’re in the money, Rich. 1929.
2
@Rich Murphy
"All I know is I paid 3000 less in taxes last year and my investments keep going up."
So you sold out your country for thirty pieces of silver.
6
"All you know"? What happened for you last year is just dandy, but you are not the only person concerned. "What more could [we] want?" How about a chief exec who understands the global long game & the importance of allies? How about one who doesn't think everyone is out to get him? How about one who doesn't confuse his campaigning image with the well-being of OUR country now & in tge future? All you know is not all there is & paranoid selfish bullying makes for lousy economic policies.
5
Trump always blames others for his failures. He always passes the buck (unless it's headed for his own pockets).
5
Mr President, assuming it was true, you know what? It would make us Europeans smart!
It is not true, but it apparently doesn’t prevent you from whining now that the consequences of the “policies” you have implemented are coming back to haunt you. Perhaps could you file a complaint at the WTO? They may even have time to look at it before you will try to dismantle this other international body.
7
Of course Trump likes Brexit.
As a smaller, indépendant nation, it will be easier to give the Brits a lousy deal.
The EU is 300 million, they will have more to offer. And they can demand more too.
5
I have never met someone who complains so much about fairness. If my 7 year old talked about things being unfair as much as trump does, I wouldn’t have it.
7
The value of the USA dollar has been dropping and the national debt has been rising as a direct result of the USA being the welfare donor (sucker) to too many other countries. Donald Trump understands the causes & effects of values and how the system must be fair to all countries better than any USA politicians in office during the past 29 years. The critics of Donald Trump posting their ideological comments here are a reflection of the decline in intelligence about the value of money that is dominating the American Education institutions these days. American colleges need a serious overhaul!
As Europe devalues its currencies and repels savings investors with negative interest rates, that wealth seeks a haven where it sees a positive rate of return, net of inflation. As a result, liquid wealth that is free to move across international borders is flocking to the USA, supporting our stock market and lowering our interest rates. Things that I think President Trump would support.
So maybe a small move downward in the value of the Euro does make our goods and services less competitive in the European market. But the inflow of capital is making it possible to finance, and re-finance, domestic capital projects and mortgages at unheard of low rates.
And it sure makes a vacation in Europe cheaper as well.
5
"cutting rates and restarting crisis-era stimulus programs."
Mr. Trump sees a crisis, which is his re-election bid (i.e., it's all about him). If the Fed behaves as if we are in a crisis when the economy is humming along (even if there are some signs of slowing) it will have no tools left when a real crisis hits.
Trump's lack of understanding about economics and trade is dangerous, to say the least. He never seems to get that in our current world we rise and fall together, i.e., no one is "winning" while others "lose" when the larger world economies begin to struggle.
8
President Trump is very consistent in creating chaos, havoc, and animosity, wherever he happens to casts his eyes on or think about.
A few more years and the US will have lost the esteem and trust of his allies in the West.
15
@Gerard Freriks
In a few years? We lost it yesterday!
America's only remaining "allies" overseas are a few dictators, a couple of puppet governments and those individuals leading far-right wing movements.
Allied governments of international significance have already left us behind. It started with Bush baby, continued with Obama/Clinton, and concluded with whatever one wants to call the conglomerate of corrupt and incompetent currently in place.
5
The idea of a win-win situation is and always has been anathema to Trump. For him to derive any satisfaction from “winning,” others- be they contractors, political opponents, even friendly countries-must be crushed in the process. His sociopathy knows no limits and will never be sated.
28
@Susan - Thanks your brief comment which just about says it all. Regrettably, Trump is the perfect example of a hollow bully-boy, making loud threats that usually amount to little more than hot air, the Iran "threats" being just the latest example. I cannot help being reminded of the famous Teddy Roosevelt quote "Speak softly and carry a big stick", which in the case of Trump becomes "Shout loudly and carry a paper sword". I know which person I would respect more. He spends much time criticizing President Obama for being ineffectual, but conveniently forgets that it was Obama who quietly hunted down Osama bin Laden and then put paid to his dreadful terrorism. For some reason that I haven't yet figured out, I just can't see Trump doing that....
9
Trump pretends to give the ECB the same powers as the FED, but there is just nothing in common.There is no such thing as the United States of Europe. Mario Draghi just tries to do something in a tough global system with the mere tools of the EC, basically considered inefficient here.
4
"Mr. Trump’s trade fights have escalated in recent weeks, magnifying the risk of a slowdown."
The president is notorious for blaming others when they take steps to counter the ill effects of his policies.
His bullying of the Fed Chairman isn't only unprecedented but dangerous. Do the American people rally want Trump tinkering with the economy, inflating expectations and creating conditions that in the end could lead to global depression?
I would think that "traditional" Republicans like the Kochs and other donors would be screaming for him to stop trying to rig the system for the tenure of his term.
But it's typical Trump, acting out impulses by playing with other people's money. Only in this case, "other people's money" is ours.
15
The irony is just so crushing it hurts. Believe it or not other nations will do what’s best for them too. But do it in a sane and logical way not the trump method
18
@Gareth
Amen to that. Let us at least respect civility.
1
Little known in the US, and completely blind to it by the Trumpies, Trump’s exclusionary tactics, catalyzed by the Iran Nuclear deal withdrawal and the related unilateral American sanctions have incented the Europeans to come up with another international payment system to bypass the long existing US$ settlement system.
This will knock us off off the pinnacle of world trade and considerably lessen our financial power in the global stage.
Good job, Trump.
17
Thank you Mario Draghi for pointing the finger directly where it belongs. Trump is creating the biggest bankruptcy of all time - the world economy. Europe must now lead the world.
28
Great comment. Trump isn't content with trying to bend markets to his will here, he won't rest till he's destroyed other countries' economies as well.
One thing is certain: American dominance is ending under Trump. I hope his supporters are happy: he's creating conditions that might ultimately bankrupt them too.
9
“We’ll see what happens; they’re going to be making an announcement pretty soon, so we’ll see what happens,” Mr. Trump said."
Has anyone ever counted how many times Trump has answered a question with "We'll see what happens?"
What he's really saying is: "I have no clue about the ramifications of what I just said/did. And I can always just change my mind tomorrow. Or, all I have to do is call it "Fake News," and it will magically go away."
39
Trump is an isolationist. We knew that going in.
His goal is to insourcing as many jobs as possible to employ citizens in conservative states. Republicans have realized that tax cuts and red meat social issues only go so far in the “long run”.
Republicans also want as much consumer products domestically produced for the same reasons.
Trump is discounting the number of jobs created here because of trade. The farmers have learned that lesson too well.
Democrats have an opportunity to peel off moderates who are upset with this isolationist economic and foreign policy. However, they are not going to vote for a far left candidate.
11
Meanwhile, Europe accused Trump of bolstering his own economy at America’s expense.
23
He’a going to bring back manufacturing and make our goods more expensive for foreign buyers. Brilliant! I would rather have Charlie Sheen as president. Winner, winner chicken dinner....
8
Does he expect Europe to adopt an America First position? He can't understand the sentiment of Europe First in Europe?
32
Did he ever consider that a weak Euro makes goods that we export to Europe more expensive? I don’t get it. The United States is a victim of the whole world. China is killing us. Europe is killing us. Mexico is killing us. Iran is killing us. Yet, we are winning??? How can we be winning and losing at the same time. He is a liar, and he is tanking our economy. Black is white, up is down. As sad as it makes me to say it, people who believe what this guy says are simply ignorant. The Jerry Springer Show was highbrow compared to his speeches. The emperor wears no clothes.
50
@Putinski . It's not that people believe what Trump says. It's that Trump says what people believe.
It takes a lot to prove to people that what they think is wrong, and they'll just end up resenting you for it.
6
@Putinski brilliantly stated.
3
Allies? Who needs allies?
We stand alone!
7
Another statement in which Trump doesn't know what he's talking about. Is it even a surprise anymore?
8
In fact, Trump should be devaluing the dollar to make more competitive in trade. The dollar is seriously overvalued and needs to be depreciated.
4
Because Europe is obligated to bolster the United States economy at its own expense?
35
The stable genius is ‘worried’ about the ‘unfair’ effects of a weak euro on the US economy. And his tweets drive the euro down some more!
6
President Trump - "America first!"
Mario Draghi - "OK, Europe first!"
President Trump - "The Europeans are very unfair, all they care about are themselves."
69
Times to bomb our allies in Europe into submission I guess.
11
Everyone is to blame for Trump's policy failures. Just ask him.
17
Look at the squirrel!
Look at the rabbit!
Hey, over here!
Over there!
10
Ok, and by this same logic , if Trump is pushing US Federal Reserve to reduce interest rates, would that not also theoretically cause to the US Dollar to depreciate ( i.e. manipulate our currency to be weak and advantageous for manufacturing and exporting ) ? Pot calling the kettle black, it seems. Hypocritical, better said.
11
@Suburban Cowboy Ideal free market is not meant to be zero-sum, reality it is. Zero sum. It is a winner/ gangster take all - do each for themself.
2
@Suburban Cowboy,
You do have to admit that amongst all the chaos he creates he is bizarrely consistent. By that I mean his never ending ability to place blame on everyone else.
It’s his narcissistic need to protect himself with excuses if the US economy slows. It’ll be the ( pick one or all) fault of the EU, Mexico, Canada, China, Japan, etc...
Hw will never, ever personally assume any responsibility for outcomes.
5
He'll be gone in 19 months - One good thing is how blatant and clueless he is. What if someone tried to do the junk he tries and was secretive, brilliant, superficially heroic ? I hope the country learns something and we enact major reforms concerning elections. There is quite a list.
The various charges piling up against Trump will bury him when he walks out of the white house a private citizen in 2021 so let's hope in his desperation and selfishness he doesn't start a war, or the 'generals' stop him.
20
@CD
We also need reforms on the power of the executive branch:
A president can be indicted
Tax returns can be subpoenaed
Background checks before handed the nuclear codes
Emoluments clause reinforced and enforced
Nepotism laws
Take a look at restricting executive privilege powers
etc., etc.
27
@Doug Drake
I agree, and would add some other reforms:
- Award electoral votes in proportion to popular votes; now, most states award all electoral votes to winner of popular vote, even if it is ... 50.5% to 49.5%
- Term limits for congress & all judges, including supreme court .
- Public funding for elections.
- Little or no lobbying in congress.
- Standardize hours & specify conditions for polling places; presently, the sec of state of each state controls this.
- A 3rd & even 4th party to create more coalition building to craft legislation
There is more, this is a start !
5
Business is simple. You are tired, I got rooms. Your company or country is paying, so what do you care about the price. See ….business is simple....we take cash or credit cards. No need for fancy smancy trade policies.
ps: Hotel rooms are not subject to tariffs!
1
How surprising: Europe wants to keep its own economy humming!
Terming Trump's approach a zero sum game provides a sophistication that this guy doesn't bring to the table.
Plus, the only tables he has happily sat at belonged to Mr Putin and Mr Kim. Who were looking for ways to steal his lunch while he issued praise.
Perhaps the Time's data masters - whoever it is who help reporters, could monitor the President's rolling accusations, threats and self defined crises, and find out if there might be some pattern. Are his whines and verbal attacks perhap not so random? The words do get repetitive. Like, June means attack Europe; May was reserved for Mexico. February was all about Korea... or ---
Perhaps there's a rotation more like : Tariffs - The Border - Obamacare - Nancy Pelosi - Iran - Hillary - Comey/FBI/ Mueller - McCain - Tariffs - The Border -Nancy Pelosi . . maybe is is more like spinning the wheel of fortune: wherever the arrow points is the target of the week. But the universe of targets seems to stay pretty much the same.
7
Mario Draghi is a dope. To respond intelligently to Donald Trump demonstrates his naivete. Will European leaders ever learn?
3
As ever the rabid dog, devious Trump is always on the alert in finding scapegoats to his own incompetence, attacking Allies for trying to safeguard their interests...as much as this vulgar bully ought to do at home. Politics being the art of the possible, requires compromise and diplomacy, and a modicum of honesty and decency, all absent in this unhinged brutus ignoramus...to our collective loss. Shouldn't his economic advisors remind him that a globalized economy is not a zero-sum game?
16
Does this guy lay awake at night trying to figure out who he can alienate next?
22
He certainly lays alone at night.
12
@Paul McGlasson No, he has Mick, Stephen, KellyAnne. Sarah and Hogan to help. They all have giant chips on their shoulders and scores to settle.
3
Lies. He lies alone at night. Then, during the day, he lies to everyone.
Anybody who thinks for a moment that the Europeans will help the US is a fool. Our problem has been that the Globalists and the Liberal Elitetist prospered giving in to Europe and China while Middled America suffered. Trump is the only one willing to stand up for America. Put aside your hate for Trump and look at our economy since he has been in office. Then look at how Obama and Clinton have cashed in on their elitist policies.
1
@Dan Locker Trump hasn't done anything for our economy. He stands only for himself. You have been conned, like most of his supporters. But you did learn a new word, "elitist." Or maybe two, the other being "globalist." Trump is a billionaire elitist. He also owns golf course all over the world, especially in Europe. That makes him a globalist.
22
@Dan Locker: The only one Trump stands up for is himself, provided his bone spurs allow it.
9
@phil And the only time he comes in contact with people like Dan is at one of his rallies. Otherwise, he's walled off in his clubs, private planes and cars, and other vastly wealthy people, which makes him an elitist.
11
trump gets more ignorant,bombastic, and embarrassing with every passing day. When is karma going to call on the unhealthiest (in all ways) of presidents in my long lifetime?
16
Oh boy, “he don’t get no respect” ......from anybody. Everyone is taking advantage, except him, or his son in-law or children or his cabinet.....or, campaign aids.....
9
Fed should not be underwriting the Tariff taxes, which will eventually raise prices. Fed should raise rates and make dollar more attractive. Generational bond bull market and budget deficits must/will end. Rates must/will be higher. Europe will dissolve if they keep rates low because it will only further exacerbate income inequality.
1
Our president has absolutely no idea what he’s doing. Don’t even try to figure it out. His motives always revolve around getting attention and he’ll say anything to do so.
15
@Andrea R I believe you are correct. Think of our President as a reality TV star. His peers are the Kardashians and the various others who are famous for being famous. Do not try to compare him to other public servants or heads of state- it will make your head explode.
8
Perhaps Trump is trying to isolate himself from our former allies. I am sure he could put together a collection of Autocrats that he could call allies. There are several key countries did not join in Trumps' rejection of the stopping-nukes treaty with Iran and perhaps the current Twitters will move our former allies to continued support by Iran, who played by the rules when Trump did not. I am more comfortable with the people of Iran than I am with the people of Saudi Arabia,- if the Iranians could only get rid of the extremist religious element.
12
There's always one kid in the sandlot who needs to build the biggest castle, whether that be by building the biggest or squashing the bigger.
No one ever liked that kid.
14
The US hasn't accomplished anything on the global stage without partners. Now trxmp is destroying the entire concept of allied nations. In so doing, he's driving a wedge between the American people and natural partners. Making America the only "legitimate" authority on anything important actually weakens the US and leaves open a huge vacuum for other nations to fill. Isolationism may have worked in the 20s (it didn't, actually), but it's impossible in today's world, whether you like it or not. Cozying up to autocrats who appear tough is actually aligning with the weakest of actors. That may make America look like it's in charge, but it only makes its position less credible and therefore even weaker. That's what trxmp's doing. Not making America great, again or otherwise, but making the rest of the world not care about what happens to it.
11
Over the course of the past 25 years economists, financiers, and policymakers have built an extraordinarily complex, fundamentally and inherently unstable economic system that we call "the global economy".
It has now reached a point where the level of complexity is so high that the "experts" no longer understand how it works, and they are continually "puzzled", "perplexed", and "disappointed" when things don't work like the economics textbooks say they should.
Central bankers are among the most thoroughly confused of all. It is deeply disturbing to watch a bunch of clueless bureaucrats who wield so much power flail wildly as they desperately try to stabilize a fundamentally unstable system and make the world conform to their utterly useless economics textbook theories.
You can't make this stuff up.
The global economic system is in many ways a Ponzi scheme that is no longer sustainable.
As the Digital Revolution enters the exponential growth stage in the coming decade this extremely fragile economic system will all unravel at a whiplash-inducing pace. The turmoil is just beginning.
Yes, Trump is reckless. But he is no more reckless than the "experts" who built the monstrosity that is "the global economy".
History will be savage in its judgement of the elites that created the toxic environment that has provided Trump with oxygen.
4
@TB Actually the global economy has delivered for almost everybody. You are the one who is confused.
4
@phil
Your comment is absurd, which will be all the more obvious when the Globalization Wars of the 2020's break out, but unfortunately there is nothing of substance to respond to in your comment.
If you or your recommenders would like to post something in response that is credible, I would be happy to address your confusion.
1
The guy is incorrigible. Remember when he said, I think at the UN and other places, that he wants the best for the US and told them that they, too, should do the best for their countries. Now, he is complaining that other countries are doing what he plans to do, defend their own interests.
Sometime I feel the futility of writing comments that try to set the record straight by pointing out his errors. And the reason is that basically one assumes that the other is willing to listen to other opinions . Writing about Trump's errors,lies, misstatements is lost effort because the man is incapable of either listening or even conceding what he has said. Keeping one's word is not part of his makeup.
15
@Frank Casa The problem is more that the Trumpletons are impervious to reason, evidence, and truth. If it was only Trump, no problem, he'd be gone.
4
The European Union is now negotiating to eliminate the US dollar as the world’s currency. Trump has destroyed our credibility around the world. Russia is delighted.
18
@H.A. Hyde
We do not want one world currency anymore, just like us in Norway, when we are selling our gas and oil to Europe, we get paid in Euro.
The US dollar as the world’s currency has and will destroy the world economy, because of all the different sanctions and other whims of US politicians.
We have to stop this in order to not put Europe first but to put free trade in the world first.
That is what matters, not the US or Europe or China or even Iran.
3
It's Europe first policy
5
@cosimo.pecchioli
For Europeans, yes...
1
Ah, let me see. Is this the same Europe that Trump wants help from in dealing with Iran. Where is Norman Vincent Peal when we need him.
4
Mr. trump's knowledge of economic forces is infantile at best. He has no understanding of tariffs, and believes if Fed interest rates go down, the US economy will of course improve and Wall Street will be happy. Just keep lowering interest rates, that's the formula! trump can't read a simple corporate balance sheet. Yet trump believes he should make decisions that affect economies all over the globe. It's pretty disgusting.
14
The utter ignorance of this man will send the whole world into a recession.
12
Hey Donald - how about this. Let us get back into a system of barter again. "My steel for your burger, my soybeans for your coke..." kind of thing. You will love it because we will pass on all the burgers and coke to you.
6
Make it stop!!! PLEASE!!!!! How much more of this garbage can we handle?!
12
Trump again bloviates and bullies our nation's most staunch and long-standing allies, while continuing to praise and fawn over the likes of Putin, Duarte, and Ergodan?
12
Ah... let’s see, Trump plays bully and shows ignorance of any protocol let alone alliances honored over the past and despite repeated opportunities to rekindle alliance, Trump uses his idiot bullying that obviously has left him personally financially in hock... and Europe throws him under the bus. Oh ya...surprising to Trump!!?? Not to me. Whine baby whine. You earned this one. This is the very reason Trump little college that milked poor people looking for a dream was such a farce. Trump is a farce.
5
As usual,DJT is hallucinating. And it’s a really bad trip,for all of us.
7
For the safety of the world Twitter must be shut down for the next 1.6 years
11
How to screw up the USA in 4 short years!
10
Wait, the comments here seem to miss the real message that Draghi (Goldman Sachs alum) continues to fuel the massive asset bubble and thus gives free reign for the Fed to follow suit. Trump with his two cents tweet.
Free money for speculators, stock buy backs and maintaining the illusion of a robust economy. Tally up the government, corporate and household debt... and you have an out of control catastrophe.... keep it going and party like it's 2007....
4
So many people and countries to blame for something (anything, always and endlessly), to convince the base that any and all "others" are never friends and only enemies.
And so little time left to do so.
5
Remember when Trump said he likes a strong dollar? And how we all assumed it meant he just liked the word strong and didn't understand the economics of it? Now we know we were right.
17
Dive down the value of the Pound Sterling, too. I have to go to the U.K. and the Euro zone for work for a month. I appreciate the help.
4
The American dollar is still by far and away the strongest, most dependable and most valued currency in the world. Anyone who travels abroad can instantly vouch for this. So how is it that Europe/the U.K./China or anyone else is "eating our lunch"? Most of the world's citizens can't afford an American lunch.
12
@stu freeman
There are a growing number of U.S. citizens that can't afford an American lunch, too.
Some of them attend trump rallies.
4
Bolstering Europe's economy at USA expense? Isn't trump trying to do the same to the rest of the world. After all, isn't that the essence of MAGA?
43
If Trump isn’t on Putin’s payroll, he darned well ought to be, because otherwise Russia is getting a lot of service for free. Virtually everything Trump says and does threatens the economic health, democratic institutions and political stability of America and its closest allies.
37
Give it a rest on Putin, Bainbridge, it's getting old and going nowhere. Russia/Putin has nothing we want or need.
If the economy is strong why does the president need interest rates lowered?
33
It may come as a surprise but Europe wants to exist where President Trump is succeeding in making the US redundant.
10
Explain this to me. Trump repeatedly shouts America First and unilaterally enacts policies detrimental to other countries (tariffs, pulling out of international treaties, etc).
Then he actually complains that Europeans are supporting their own economies.
What does he expect, that Europeans are going to support the American economy when he does everything he can to alienate them?
43
@rlschles: You're right. If France's government enacts policies to make "France First" and the British, the Germans, the Chinese, the Russians, the Paraguayans and the East Timorese all do the same won't Trump be complaining about their unfair trading policies?
10
I can see no good if the Fed caves and lowers rates based on pressure from the President. I hope the Chairman has enough character to keep rates the same for now even if it means demotion.
13
It’s being reported that Trump is going to fire his Fed Chair Powell if he doesn’t do what Trump wants with interest rates.
Bottom line: Trump is trying to make the economy look better before the election after his own mistakes with immigration, trade, tariffs and taxes. This should be front page news daily.
What this amounts to is an over reach of executive powers to manipulate the economy before the election.
36
@Bob: The election is 17 months away. If he's doing this now imagine where we'll be by November 2020.
7
There is actually lose-lose.
These are the policies Trump has adopted - slap double-digit taxes on imported goods, which leads to reciprocity and higher prices, less choice, and lower sales for all.
To hear Kushner brag about the success his family had when provided shelter in the US, while at the same time claiming we have no room for refugees now, was sickening. He certainly married into the right family with his lack of ethics , morals or values.
At the same time, reducing immigration and refugee intake while the skills gap is the largest in history, will lead companies to relocate where the talent is or automate.
It is short-sighted policy meant to last until the next election cycle.
Unlike the GOP's obstructionism under President Obama, the Democratic Congressional majority in the House was willing to undertake a much needed infrastructure initiative that would improve productivity, but probably extended the economic cycle.
Trump refused until all the investigations against his crimes are ended. Resign and they will end soon enough.
Trump is the biggest loser in modern history: bankrupting 6 companies, losing more money than anyone in America, now destroying the global economy. What an embarrassment to the human race.
23
Europe?! How about the United States?! With Tariff-Donald....it’s only a matter of time before the Trump Recession!
Thanks conservatives!
20
The entire world is now in an old-fashioned currency war.
The U.S. is currently losing due to Fed policy.
Either a truce will need to be called, or the Fed will have to lower rates.
3
@John
I thought it was an old-fashioned trade war. You know, tariffs, protectionism, nationalism, all that stuff.
The narrative changes day by day. And you continue to find a new post-hoc rationalization to defend Mr. Trump, based on the issue du jour.
You are a talented spin artist.
14
@MidtownATL
Well said and agreed.
3
@MidtownATL
Indeed it is all of these things, and has been for some time.
Tariffs, protectionism, economic nationalism, and currency manipulation have been practiced effectively by nearly all U.S. trade partners for a long time. The U.S. is only now catching up. “Free” trade has never been anything but a Koch Brothers’ libertarian fiction.
You STILL don’t get Trump. His world view and negotiating style haven’t changed since, well, ever. His playbook is an open book.
I’m sure that if you could step back from any bias and look at him unemotionally, you would at least understand him. You might never agree with him, but you would at least understand the framework that bounds his thoughts and actions.
I mean, seriously, do I have to do all the explaining? :-)
1
The E.U. economy has been circling the drain for so long what can a few trillion more do?
Shockingly Warren, Biden, and Bernie would like to duplicate this misery right here.
3
@Charlie Have you actually *been* to Europe? Feels wealthier and healthier than the US.
37
@Charlie: The Europeans are all healthier than we are. I'd rather worry about my finances going down the drain than my life being shortened as a consequence of expensive-but-unsatisfactory health insurance.
11
Oh please. We Americans are in no position to criticize Europeans. I am currently working in Germany, teaching a class at a university as a visiting lecturer for two weeks. The medium-size town I am in is clean, the public transportation plentiful and prompt, and the food affordable and of high quality. People here are working and clearly have money to spend, because the shops (especially, heart-warmingly, the large bookstore) are full of customers who are buying stuff. My students are from all over Europe, speak excellent English, and are not going into massive debt to pay for their education, plus they all have affordable, reliable healthcare. We would do well to emulate European society.
53
This proposed quantitative easing will be another fraud against the thrifty northerners. What they are planning to do, much like the previous exercise, is to allow private investors to unload bonds onto the central bank that are likely to descend to junk status in the not too distant future. Italian government debt is at the top of the list.
4
Mr. Trump claimed all through the election that China was artificially keeping their currency low against the dollar, in order to promote U.S. imports of Chinese goods.
The opposite was actually true. The Chinese were artificially propping up their currency for years.
Why doesn't the NY Times state this verifiable fact every time this issue is raised?
11
45 is so ignorant of economics I wonder how he got through college. The global economy was doing fine, thank you, without a $1.5T giveaway to the wealthy, a $800B deficit and a trade war. Now he preaches to a seasoned economist who is trying to balance economic reason from calamitous events 45 has conjured. I can't wait until the election.
52
@Baboulas. But OUR economy is doing better, thank you.
@Jackson: Because Trump is doing precisely what Obama was doing (while adding to the deficit with a tax cut for billionaires). Thank HIM.
8
Perhaps so, for the moment, but that is just carrying on the momentum that has been building for the last 10 years. Nobody can actually cite any evidence of anything Trump has done that has helped the economy. Finding examples like tarrifs that have hurt the economy is much easier.
9
The U.S. is headed for an economic slowdown, which could well be a recession. The unemployed rate is near historic lows at 3.6%. The Treasury yield curve is flattening, and starting to invert.
Both of these economic metrics are reliable indicators that we are nearing the end of the current economic expansion cycle that began in June 2009.
This is part of a worldwide economic slowdown, as evidenced by Mr. Draghi's comments.
14
Donald Trump inherited 295 streams of income from his New York City real estate baron father that shielded him from the consequences of being the single worst losing businessman in America over a ten year period.
Trump merely played a businessman on reality TV.
Trump is trying to transfer his unparalleled private business ignorance, incompetence and stupidity to Europe today and tomorrow to the world.
No collusion! MAGA!
29
@Jackson: Why don't you tell us what he said that's incorrect?
2
Dear EU:
On behalf of all sentient Americans, please accept our deepest apologies for Trump still “president” and embarrassing us all. Unfortunately, The Republican Party is insane and is letting Trump stay in office, despite his clear incompetence and alarming mental deterioration.
Very truly yours,
America
68
Recessions are a necessary hygiene of Capitalism. You can either have one today or a bigger one tomorrow. Moreover, most of the money issued to paper over the cracks after the GFC went into the pockets of the already rich, as will this next run of the printing press.
8
Add to this, the fact that Netanyahu wants war with Iran. What could go wrong?
9
What does this even mean? Considering that the European Central Bank's prime rate is still at zero - what "stimulus" are we talking about - going into negative prime rate? Literally printing money?
Could somebody explain this, please?
8
explain how you can print money to buy a tangible asset like bonds?
3
We have a president who knows very little about public finance, international trade, and foreign policy. At this point in his presidency, I thought he would know much more than he does. It’s a real scandal. He truly does not know what is going on or what he is doing. Embarrassing.
24
Apple, Amazon, Facebook, Alphabet, and Microsoft Are Collectively Worth More Than the Entire Economy of the United Kingdom
@JPH So what!
Europe has a population equivalent to the US. And when they decide to limit the US's power guess who will be hurt.
But just to make you feel good the Greeks the Romans the British Empire what happened to them all?
Now the US is queuing up to join them, welcome to the club.
4
@MH It would be a game changer if Trump goes through with his threat to withdraw from NATO. Suddenly, Europe has to provide for its own security. And the possibility of the European Union doing that under Article 42(7), mutual defence clause of the Lisbon Treaty, is extremely unlikely. Irrespective of the eventual outcome, it would negatively affect the economic climate in Western Europe.
@JPH Non sequitur.
Since I have the misfortune of holding some Euros, I will also accuse the ECB of intentionally lowering the Euro’s value in its vendetta against me, an insignificant person, so that I would be forced to take more, cheaper vacations in Europe.
13
On second thought, maybe it wasn't such a good idea to elect a president with six bankruptcies and $1,000,000,000 in business losses under his belt. I don't know. People are saying.
137
In the Trump world, our friends have become our enemies, and our enemies are now our friends. Even more to the extreme, we now trust NK and Russia more than our own security and law enforcement. The outgrowth is a destabilized world with tariffs needlessly choking otherwise strong economies. I never thought we'd return to times like those before WW2 when a single deranged individual could bring chaos to the world. But I don't blame him as much as I blame his enablers in the Whitehouse and Congress.
68
Trump: How unfair of Europe to have a slowing economy! Guess I'll have to press on with tariffs so ours can slow as well!
20
Amazing whenever the economic climate indicates a slowing down our great politicians immediately jump to a solution of lowering interest rates. This means borrowing continues, but the rate is lower than before, and that is going to improve the economy. Pitiful. Why is it that economist never talk about consumer demand drives has always been the driving force of a stable economy, not throwing money so businesses and people can go further into debt. Seems we need to listen to those who understand basic Economic 101, not those with higher degrees from institutions that fail to remember before your run, you have to walk.
6
@Me Too But promoting consumer demand would mean shifting money to people who actually need it! Can't have that!
12
Mr. Trump has assured us that trade wars are not only good, but easy to win. Between not knowing what he’s talking about, and the constant lying, why would he have credibility with anyone? The Europeans need to do what is needed to salvage their economies from this Trump made boondoggle, and ignore the rants from the White House.
33
Oh goodie. Time to book a trip to Europe with the falling Euro.
7
Bring it on Donny Whatcha gonna do, impose MORE tariffs?
9
They wish they had a Trump in charge..
2
I dare say they enjoy democracy more than Trumpists do. Would-be autocrats aren’t as charming as the rubes think.
13
@novoad: In Hungary, Italy and Poland they already do.
5
The reason "central banks" support inflation is because it gives the politicians automatic tax revenue increases to spend buying votes without them having to vote for higher taxes.
As inflation goes up, the worker demand higher pay and since the taxes are a % of pay, the tax revenue rises.
Since most "income taxes" are "graduated" what happens is that some workers get a small wage increase but jump into a higher tax bracket so their tax rate jumps more than the pay increase so the government sees higher than inflation rate rise in the tax revenues.
Now the newly overtaxed worker demand more government hand outs to cover the shortfall in the pay caused by the taxes and the politicians are more then willing to d it because it creates one more person that is more dependent on government for more of their necessities of life and therefore locks them into voting for the politicians that are promising the biggest hand outs.
1
@Blank Ballot An oversimplified explanation of a complex issue.
9
The POTUS reaction demonstrates his presidency is all about himself.
12
We are headed for recession as well. Trump is desperate to fend this off, so he is trying to manipulate our own Fed, as well as flailing at Europe. The chickens are coming home to roost for the Trump insane economic policy. We can only hope that the benighted MAGA-heads, who don't ever seem to look at their own finances while cheering for their Emperor, will shake the scales from their eyes and realize that Trump has cheated them.
44
Loose cannon Trump will destroy everything on deck before he finally goes overboard. He might even fall through a hatch and break the keel of the ship.
24
@Steve Bolger
The US economy is definitely tanking since Trump’s election. That’s why everyone has lost some much money in the stock market since his election. We are practically in a depression according to what I hear from the campaign trail.
3
Thank goodness the EU is bringing in billions by suing American companies for anti-competitive violations.
4
@Asher
A drop in the ocean compared with the billions the US is bringing in by suing European companies for breaching Trump's bogus anti-Iran sanctions...
1
Darghi signaled buying extra 2.6 trillion euros in government and corporate bonds... and if that isn't enough, why not buy ETFs which is exactly what the Japanese central bank has been doing for the past 4 t years.
This market is total distorted...
1
@Salah Mansour: Monetization of debt is easier than ever before with electronic currency.
1
@Steve Bolger
So scary Steve... I agree. I think the UK started Debt monetization but on a small scale..
Assume this happens.. this will be bad for confidence.. that may destroy our trust in currencies.
1
I know it is way too much to ask, but can’t this disaster president just shut up. He knows nothing of economics, nothing of Europe, and just generally knows nothing.
155
The USA operate a massive fiscal fraud onto Europe. All the US corporations are fiscally registered in the EU and not in the USA, in order to cheat and invade the markest without paying any taxes.
Apple, Yahoo, Amazon, Google, Facebook, Starbucks, Netflix, and others...are not US businesses . they are all hiding under multiple fake fiduciaries in Ireland and Luxembourg. They use tricks like the "Double Irish " or the "Dutch sandwich " in which financial institutions use loopholes in between or inside European countries to cancel each others taxes.
It is 20 % of the European budget in fraud and it is equivalent annually to the European budget deficit that escapes to the US offshore banks in the Caribbean via the London exchange.
Americans don't know because it is never documented in the US press.
31
It was an American model that induced European countries to entice US multinationals to set-up shop, with shady deals and back-door shenanigans. It will take a concerted multinational effort to reverse it. Unfortunately when you have the president of the United States making ignorant and patently absurd statements like the ones reported in this article, it seems almost impossible.
9
@PeteH It is not only a European problem.Ireland needed the fiscal incitation because of its previous alienation by the UK. But now London serves as as escaping route for the money of the US trojan horse in Ireland. And the offshore banks in the Caribbean.
1
Draghi’s comment did not impact the exchange rate.
The EU has not seen the same recovery as the US.
4
Our low information President is causing problems again. A little misinformation is a dangerous thing.
22
@J W
Then we’re really in trouble, because Trump has a seemingly endless supply of misinformation.
4
How dare Europe ,China ,Mexico and Canada do what is best for them when Trump wants all of them to be on board with America First. The international biz community sees Trump as a menace to international trade with his tariff wars on all countries which he thinks enrich the USA as they are paid by countries he tariffs of course this is not true as most things Trump asserts are not true. Trump is desperate to win in 2020 as he faces criminal charges when he comes citizens Trump without toady AG Barr protecting him, Trump will use his presidency to do whatever he can to win in 2020 stirring up his base into a frenzy of hating the Other.
79
We tried weening them off heroin with methadone, but the withdrawal symptoms proved intolerable. Now we have decided that it would be better if we just handed out fentanyl patches all around. . .financially speaking
8
The EU Press discusses two reasons for Draghi's announcement
1. He aims to increase the inflation rate from 1.3% to just
under 2 %
2. He wants to bind the hands of his successor, setting
himself a monument
The NZZ, Swiss's leading newspaper with an excellent financial section , today
Draghi stated that the ECB using its full flexibility under its mandate will use it to achieve inflation of just under 2%
" Draghi unnecessarily placed placed himself under strong pressure to move, because the market participants already incorporated an upcoming interest rate cut into the prices. E.g. the DAX immediately turned positive, gaining close to 300 points over the course of the day, while the euro plummeted against the dollar.
Without much ado, Draghi has thus (once more) preempted the Governing Council. "
I.e. the winners are the owner of capital (stocks), the losers small savers, that face minimal real (nominal minus inflation) interest rates in Europe
It is just a replicate of the Fed policy in the US.
5
When Mr. Draghi speaks, he has something to say, and reminiscent of a global financial Atlas, he is not shrugging off his concern with respect to the global economy on this day.
It is not always what one knows, but senses, and hoping financial minds will pay attention to his cautionary outlook, for our president is not an economist, and those advising him on the world's financial state of affairs would do well to heed this alert.
Presidents come and go, even unprecedented ones, and look to 2020 and beyond for economic growth indicators. Mr. Draghi has been a prominent figure in the global financial field for years, and is not one to push the panic button at the best or worse of times.
Thanking Jack Ewing and his colleagues at The New York Times for bringing this red alert to the attention of its readership.
While a popular motto in the rural region is 'money does not grow on trees', it is also accompanied by 'nothing ventured, nothing gained'.
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Mr. Draghi, feel free to tell Trump to shut up.
We will not be offended.
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@Matthew Carnicelli
We'll be offended if you don't.
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Trump has no problem trying to force the Fed to supply easy money even when the economy is strong enough not to need it. But if Europe tries to bolster its faltering economies Trump unleashes another one of his bald-faced destructive policies. He not only wants MAGA, he wants to destroy as much as possible of other people's well-being, as in Iran, China, or you name it. But making America greater doesn't mean making the rest of the world poorer. Quite the opposite is true, but this administration wants to learn the hard way. Can't wait for him to go after European cars. Nobody gets a Mercedes in Trump world.
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@even Steven
You're exactly right! Trump lives in a world of winners and losers. In order for someone (USA) to win, there must be losers (the rest of the world who has had any success relevant to US foreign policy)...thus he views the EU as a competitor to the US, but Russia, who has not gained as much in its relationship with the US, is an ally in his eyes.
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@Aaron W. The whole “we’ll be sick of winning” discourse is absurd. Who thinks like that? Who is always thinking of “winning”? Winning is not the equivalent of success. Zero-sum capitalism is very last century.
10
Trump will get indicted on multiple federal and state charges the day he leaves office in 2021. He will attack anything that threatens his re-election (and legal peril) and the economy and stock markets is the greatest existential threat.
Watch for increasingly erratic and dangerous attacks on private individuals and institutions as the economy enters into a natural correction after such a long positive run.
It's not even party over country anymore. It's just one man's attempts to stay out of prison.
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@Doug Drake Mitch McConnell and Republicans in the House and Senate enable Mr Trump as he destroys the economy, accelerates global warming, and ignores the rule of law.
Vote them all out on November 3, 2020: they earned it!
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The Federal Reserve needs to take proactive steps to drive down the value of the US dollar. The artificially high value of the US dollar is holding down US employment and US growth.
The US cannot allow the Germans and the Chinese to continue to practice currency manipulation to preferentially employ their citizens at the cost of US workers.
At long last, when is the US government and US establishment going to protect US workers and the businesses that employ them?
4
"The artificially high value of the US dollar is holding down US employment and US growth."
And the artificially lowered tax rates plus artificially increased government spending have created a sugar high of "US employment and US growth."
Which way do you want to have it?
Oh, both ways, of course.
The upcoming sugar high crash will tell the tail.
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@Frank
The Fed's mandate includes unemployment and inflation, nothing else.
China can be accused of manipulating its currency; but Germany? The Euro?
Germany has benefited from a weak Euro; but the Euro, representing the entire Eurozone, is fairly priced vs. the U.S. dollar, which is the subject under discussion.
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@Doug Riemer Would you say the same to the Germans who run the ECB and the Chinese? Or it is only American manufacturers and their workers who must perennially be the sacrificial goats to keep Germans and Chinese employed?
3
How long is the US going to allow this ridiculous president to meddle in world financial affairs? This is not some 3rd-tier NYC real-estate deal - this could have lasting damage.
Are there any adults in the White House who can put a muzzle on him?
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@Plennie Wingo
Time to start impeachment processes.
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@Plennie Wingo
McConnell.
4
@Plennie Wingo
No.
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The fact that a US president would even bother to comment, and instantly so, a fairly academic conference speech (not a policy announcement) of a European central bank president is strong testament to the success of the euro and the ECB, in spite of all their remaining difficulties (of which Mario Draghi speaks freely). For a central banker, being attacked by politicians is a badge of honor. That's exactly why central banks were made independent, after the sorry inflationary episode of the 70s. In his own perverse ways, Trump made a beautiful birthday compliment to the euro.
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In general, I would agree that commentary on this topic from a U.S. President is noteworthy, but we are talking about Trump here. When does he not run his mouth?
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Mr. Trumps economic polices of tariffs and sanctions are having a global effect. The question is whether we actually receive the truth about the US economy within the US or is our data manipulated?
I started planning for the slow down almost a month ago. Two things have increased my discomfort in investments: 1) the instability of the markets in response to Trump's threats of sanctions and tariffs, and then his actual sanctions and tariffs. Most stocks never quite returned to the pre-2019 numbers. 2) the instability of the markets in response to Trumps political tweets. Trump lacks ethics and has tried to pick losers. It has caused wide fluctuations in the stock market.
The job numbers are a draconian indicator in that they do not properly incorporate underemployment, lack of benefits, or short-term opportunities. Temp employees are easy to shed without companies having to report down-sizing.
This escalation with Iran may also be a symptom of the economic slow down. Republicans know that wars will spur the economy just enough to get them re-elected.
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@Dr. Girl
"....is our data manipulated?"
YES. Our economy is not great. This is campaign propaganda and the Dept of Commerce and the Dept of Labor are lying.
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@Dr. Girl The low unemployment rate also reflects an aging work force and a nascent inability to fill jobs needed for growth. This kind of stagnation will sooner or later catch up with us unless we increase immigration. Good luck to that with the Trumpers. But this is the kind of scenario that led to Japan's "lost decade", and which they're still struggling with.
Alas, similar dynamics seem to be going on in most of Europe as well as the UK. But "the country's filled up, we have no more room."
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