Blink, and you missed Trump’s blistering, seamless transformation into a mainstream politician.
In the span of just a few hours, President Trump flipped to new positions on several core policy issues, backing off on no less than five repeated campaign promises.
In a WSJ interview and a subsequent press conference, Trump either shifted or completely reversed positions on a number of foreign and economic policy decisions, including the fate of the US Dollar, how to handle China and the future of the chair of the Federal Reserve.
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Goodbye strong dollar and high interest rates
In an announcement that rocked currency markets, Trump told the WSJ that the U.S. dollar “is getting too strong” and he would prefer the Federal Reserve keep interest rates low. “I do like a low-interest rate policy, I must be honest with you,” Mr. Trump said. “I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me. But that’s hurting—that will hurt ultimately,” he added. “Look, there’s some very good things about a strong dollar, but usually speaking the best thing about it is that it sounds good.”
Trump then said the one thing that every other currency manipulator realizes all too well: “It’s very, very hard to compete when you have a strong dollar and other countries are devaluing their currency.”
During his campaign Trump had repeatedly said that a “strong dollar” policy would be beneficial for the US economy, despite our repeat warnings that he will inevitably reverse on this, especially if and when the “Goldman” circle of advisors starts providing macroconomic advice.
It is unclear if the shift in Trump’s policy will mean that US economic data will now “mysteriously” begin to deteriorate to justify not only his request for a weaker dollar, but to also hit the breaks on Yellen’s plans for further rate hikes over the next 2-3 years. In any case, the debate over the Fed’s balance sheet unwind, and the trajectory of Fed hikes, is now on indefinite hiatus.
The biggest loser here, again, are America’s savers who may have been hoping that their bank deposits will finally earn some interest.
As for the most notable outcome from this Trump statement, is that it counters his “desire” for a weaker dollar with the Fed’s tightening bias. Will fireworks fly as Trump realizes that Yellen’s actions are prompting the strong dollar? Stay tuned for what may be the most entertaining clash yet: Trump vs Yellen.
* * *
Labeling China a currency manipulator
Trump also told the Wall Street Journal that China is not artificially deflating the value of its currency, a big change after he repeatedly pledged during his campaign to label the country a currency manipulator.
“They’re not currency manipulators,” the president said, adding that China hasn’t been manipulating its currency for months, and that he feared derailing U.S.-China talks to crack down on North Korea. Trump routinely criticized President Obama for not labeling China a currency manipulator, and promised during the campaign to do so on day one of his administration.
Trump’s declaration also means that Peter Navarro may as well pack his bags, as the Goldman economic advisory team has now won its contest with the “Bannon nationalist” circle.
* * *
Yellen’s future
Trump also told the Journal he’d consider re-nominating Yellen to chair the Fed’s board of governors, after attacking her during his campaign.” I like her. I respect her,” Trump said, “It’s very early.”
Trump called Yellen “obviously political” in September and accused her of keeping interest rates low to boost the stock market and make Obama look good. “As soon as [rates] go up, your stock market is going to go way down, most likely,” Trump said. “Or possibly.”
* * *
Export-Import Bank
Trump also voiced support behind the Export-Import Bank, which helps subsidize some U.S. exports, after opposing it during the campaign.
“It turns out that, first of all, lots of small companies are really helped, the vendor companies,” Trump told the Journal. “Instinctively, you would say, ‘Isn’t that a ridiculous thing,’ but actually, it’s a very good thing. And it actually makes money, it could make a lot of money.”
Trump’s support will anger conservative opponents of the bank, who say it enables crony capitalism.
* * *
NATO
Finally, Trump said NATO is “no longer obsolete” during a Wednesday press conference with NATO Secretary General Jens Stoltenberg, backtracking on his past criticism of the alliance. During the campaign, he frequently called the organization “obsolete,” saying did little to crack down on terrorism and that its other members don’t pay their “fair share.”
“I said it was obsolete. It is no longer obsolete,” the president said Wednesday.
Trump has gradually become more supportive of NATO after it ramped up efforts to increase U.S. and European intelligence sharing regarding terrorism. Trump still insisted that NATO allies “meet their financial obligations and pay what they owe.” He said he discussed with Stoltenberg his desire that allies put 2 percent of their gross domestic products into defense by 2024.
* * *
Add to this Trump’s first, most prominent reversal, the launch of air strikes on Syria last Friday after repeatedly bashing Obama for even considering that, and Trump’s transformation into a mainstream politician now appears complete.
Yup. And Bannon is circling the drain. Admit it Trump fans; You’ve been had-you been took, led down the garden path, bamboozled and played for fools. He’s proven in the most conspicuous way possible that elections are a scam. I know I’m pissing in the wind here but if you’re tired of being lied to by a criminal gang of charlatans and believe to some important extent in the principles that birthed this country stop voting. It’s the only non violent way of fighting TPTB. “They” are going to get their way in any event so why the self immolation? Fuck them and their scam.
+100 CC
CC, I don’t think there’s any hope for the ninnies still voting at this late date. No harm in trying to wake them up, though.
I must say I am surprised by the low number of down thumbs. I thought for sure that I would beat my current record of 23 (a shamefully low number). The belief in government is a religion. Its’s based on faith drummed into all of us at an early age by people we had good reason to trust. You Tube any of Larkin Rose’s videos for details. Telling some statist their belief in voting is a hoax is like telling a deeply religious person there is no god. It’s usually met with an angry response that negates a productive conversation on the merits. Also, the inevitable next question is what do you have to offer in it’s place? My answer is; goddamned if I know. Humans have been led by the nose throughout all of history. Who can say what happens when and if we’re freed of the yoke? We do know there was one brief shining moment from when we threw out the Brits until the constitution was ratified in 1787 when no federal government existed and somehow roads got built and crops got planted and no one paid a dime to any con man in government. It may have been a singular moment of it’s kind in history-that scared the banksters to death no doubt. I do know that what we have now is terrible enough that I’m ready to take the plunge. The only vote I’ll ever cast again is for the institution of the universal nonaggression policy. Until then I’ll boo from the cheap seats.
I liked the comment generally. But, there are no merits when it comes to anyone thinking there is no Creator.
Blessings:-}
I like Illana Mercer’s take:
“Wily Arabs are hip to White House dynamics. They know who’s running the White House and who to flatter. For doing their bidding, Syrian rebels—”we don’t know who they are,” cautioned the Old Donald—have even given President Trump an honorific:
Abu Ivanka al-Amriki: father of Ivanka the American.”
“What the folly of bombing Syria signals, very plainly, is that what Ivanka wants, Ivanka gets. Republicans and Democrats likely know it, but won’t say it. The former because Ivanka is a woman. Republicans dare not wage war on a woman, much less if she wages war on Syria. The latter because Ivanka is a Democrat by any other name.”
http://www.unz.com/imercer/get-ivanka-out-of-the-white-house/
It was always a gamble with Trump. Leaning democrap most of his life, is any of this really a shock? (A more controlled crash into the mountain?)
It was a sure thing what the wicked bitch of the east’s plans were. None of which were good. (Engines too full power!, push the stick hard over.)
Fucked or REALLY FUCKED!, nice choices Amerika!
The fate of the US Dollar
How to handle China
The future of the chair of the Federal Reserve
Export-Import Bank
NATO
Not a Bigly deal.
How did author leave off the most important LIE to Trump Base – war with other countries where it is none of our business. Syria, Syria, Syria.
One Term POS
What a bunch of ninnies. First, what’s with the Bannon worship? Bannon didn’t run for anything. I like Bannon, Breitbart was a much better website with him at the helm. We don’t know what happens day to day with him and Trump. Maybe he’s not cut out for that job. All the issues in this piece are process issues, not policy. Let’s see where the process takes us. Example. Is the GOAL to end China devaluing their currency, or is the GOAL to declare them currency manipulators at the WTO. One is a GOAL, and the other is process towards that GOAL. Maybe Trump and Xi worked that out. So what would be the point of continuing the process? Trump has never gotten fair press, this is more of the same. Ever hear Mnuchin or Gary Cohn talk about Glass Steigal, or breaking up the megabanks, or the trade deficit? Can you find fault with their positions, or are you just ignorant of them? These are serious guys. Pay a little more attention. Take in more, and cry less.
https://www.americanbanker.com/news/is-the-trump-administration-serious-about-restoring-glass-steagall
Our Foreign POLICY is not a process.
Regime Change in Syria is policy. Supporting ISIS (the head choppers) is is process to promulgate policy.
Foreign policy is the most important aspect of a U.S. President.
Kokoda, of course foreign policy is process. You can’t snap your fingers and get results. Trump and Tillerson are up to their eyeballs right now, dealing with China and Russia, respectively. Is anybody out there more important? Trump isn’t leading from behind, he’s driving. Is there anything he could do to make you happy? (Maybe he could get you a blankie and sing you a lulluby) Let’s see what results he gets. I think he’s doing what I expected him to do, force the action on multiple fronts. Did you think he was going to govern as a liberal? That was never going to happen. I don’t understand the disapointment.
star…
On the military side, it is Strategy vs Tactics.
It is the overall policy (goal) and then the process (means to achieve the goal)
Kokoda – Starfcker is still in denial – deceived by the balding twat Trump. There is no hope for his kind (Starfcker and Trump).
ON ELECTION DAY – in my comment deleted by TBP -I mentioned Trump flip-flopping and praising the old satanic hag Clinton for her great work she had done for the USA, but that before, he was accusing her of ruining the country and wanting to lock the bitch up, this was deluded Starfcker’s attempt to rationalise the fact that he was take in big time:
starfcker says:
November 9, 2016 at 4:32 am
It’s called grace, asshole.
Looks like the balding whoremonger Trump has the same masters as the old satanic hag Clinton
Starfcker – not exactly brightest star in the night sky is he/she/it
The Daily Caller-“Trump Resettling Syrian Refugees Faster Than Obama”
http://dailycaller.com/2017/04/12/trump-is-resettling-syrian-refugees-at-a-much-quicker-pace-than-obama/
I’m not completely done w/Trump but I’m getting very concerned.
“I’m not completely done w/Trump but I’m getting very concerned.”
How much shit do you want to eat before you throw up? You must be full of shit by now.
It took two and a half minutes after getting elected that he started flip-flopping and praising the old satanic hag Clinton for her great work she had done for the USA. Before, he was accusing her of ruining the country and wanting to lock the bitch up. It was clear to someone with more than 10 brain cells that he was a false, deceitful, lying, two-faced, balding old geezer. I wrote as much on the day he was elected. I used the word flip-flopping cunt several times. Got loads of stick and abuse by almost all TBP readers for that – it was blasphemy for those retards who voted Trump. It would seem they have less than 10 brain cells. Considering the average TBP reader is cleverer than the average person in USA, it is obvious that USA is completely fucked.
“Cleverer” ?
You got balls calling other folks retards.
You’re one of these keyboard warriors who talks trash on a blog but, wouldn’t have the ‘nads to do it to one of us “retard’s” face.
I’ve taken on enough retards in my time believe me. What’s your problem DAN III – cannot accept that you were fuckin’ deceived by a balding whoremonger. Or just envious at people more brain cells than you.
But despite my rantings, you lot here better than everyone in Europe, especially the Germans who are absolutely doomed.
Have a nice Easter holiday ya’ll
Kokoda, read the Z-man article right under this one. He basically makes the same point in a much more eloquent way.
Trump Says Dollar is Too Strong Because People Have Confidence in Him: Let’ Fact Check
Posted by Mish | April 12, 2017 5:21:57 | Economics
Today president Trump both praised and blamed himself for the strong dollar. “I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me,” said Trump
During the presidential campaign, Trump blamed Yellen for holding interest rates too low. Now he says he likes low interest rates and that he respects Yellen.
The Wall Street Journal has some of the laughable details in its report Trump Says Dollar ‘Getting Too Strong,’ Won’t Label China a Currency Manipulator.
1.“I do like a low-interest rate policy, I must be honest with you,” said Trump.
2.“I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me. But that’s hurting—that will hurt ultimately.”
3.“Look, there’s some very good things about a strong dollar, but usually speaking the best thing about it is that it sounds good.”
4.“They’re not currency manipulators,” said Trump in regards to China.
5.“I like her, I respect her,” said Trump regarding Fed Chair Janet Yellen.
6.Mr. Trump also made a full reversal from the campaign by stating his support for the U.S. Export-Import Bank. The president said he planned to fill two vacancies on the bank’s board, which has been effectively paralyzed with three open seats on its five-member board.
Reflections on Currency Manipulation
“Number 5: I’m going to instruct my treasury secretary to label China a currency manipulator, which should have been done years ago.”
Reflections on Yellen and Interest Rates
A CNBC Transcript from September 12, 2016, shows Trump made these claims about interest rates and Janet Yellen:
“The interest rates are kept down by President Obama. I have no doubt that’s the reason they are being kept down…. It’s staying at zero because she [Yellen] is obviously political and doing what Obama wants her to do. And I know that’s not supposed to be the way it is, because that’s why it’s low and as soon as they go low the stock market will go way down, and don’t forget, I called Brexit and did a lot of calling and what they are doing is, I believe it’s a false market. Money is essentially free.”
Is that coherent?
Starfcker would still be on the Trump train even if it were headed for the modern equivalent of Auschwitz.
How many of us here have called or written the White House?Congress?
Written a letter to the editor?
How many of you go to local political forums or public meetings?While local & state officials have no immediate bearing on national policy,local/state positions are the minor leagues for Federal office,and in most cases state/local laws affect your life much more that Federal laws.
How many of you would/have ended relationships because the other person had a political viewpoint that you could not accept?
I did every single one of those things and the net effect was less than zero.
if whatever you are doing benefits whatever you oppose and detracts from what you support it is best to rethink your strategy and try something different.
+1000 – Hardscrabble. Most of the people around me bitch about what is going on, however they seem to still have car payments (because everyone NEEDS a new car every 5 years), still bank at B of A, Wells, or Chase, bitch about Monsanto and the Healthcare issue, but still buy pop tarts and eat out….
Get a clue folks. You can’t bitch about things if you actively support them. If you don’t like what is going on in Government, stop actively supporting it and get rid of debt, therefore reducing the amount of dollars you need and in turn reducing your tax footprint. If you don’t like the sickcare system, and Monsanto, stop eating processed food and exercise. Oh, and if you don’t like the fact that GS owns the government, stop putting your money in the big hedge funds er, banks – Chase, Wells, B of A etc. And, when the bankster asks you why you are closing your account, make sure and tell them EXACTLY why. Then take your hard earned treasure and find a small solvent LOCAL bank that supports local business and people and put your treasure there.
Very liberating indeed. And the result is far more satisfying, and effective than “voting” between one scumbag liar and another scumbag liar on “voting” day.
What do you suppose would happen to “the system” if millions of people did the simple things above, instead of acquiescing to “convenience”, and did not budge? I think we would see the very definition of working Government in short order.
Exactly Hardscrabble. Writing or in any way communicating with politicians is a fools errand. It only gives them the chance to kiss your ass for acknowledging their power over you and pretend they give a shit about anything but money and power. The last one I wrote-actually emailed was ‘my’ congresscritter when I lived in St Pete. I should have known better. I forget her name but it’s some daffy broad in Tampa. Like a fool I joined in the massive clamor that shut down their phone banks telling those bastards to stay out of Syria a few years ago. I got the stock answer..”I will be reminded of your thoughts as I vote”… kind of shit. So look around. How much good did it do? Zilch, Zero. It was counterproductive AND put me on her beg for money list. Fat fucking chance.
I honestly don’t know what to think at this point. I agree that the first sign of trouble was when Trump started praising that harpy bitch. Talk about ass-kissing and to what purpose? He spent the campaign savaging the old bag (rightly so) and then turns around and tells us what a lovely woman she is. That didn’t smell right.
I suppose I could fall back on pure “feelings” and blame it all on the influence of the “eviljoos” like some others I could name, but that’s just emotional ejaculation. I will say, however, that this Kushner guy strikes me as a slope-shouldered, pencil-necked, little prick who seems to wield excessive influence on Trump. Nothing good can come from accepting counsel from such an oily, smarmy, seemingly limp-wristed, clammy-handed character. You elevate this child ahead of a man like Bannon and you’ve got a sure sign of trouble. To be clear, Kushner’s not trouble because he’s a Jew. He’s trouble because he’s a spoiled, little, lefty dickhead who has the ear of the President.
Also, this bombing of Syria thing pisses me off; not necessarily because he did it, but because of the ostensible reasons he did it. He appeared to pull the trigger out of pure emotion. It seems childish and if indeed the action was catalyzed by the “heartbreak” of Ivanka over the “children”, then that too is a troubling sign of things to come.
All in all, not an impressive beginning. But then again, I’m sure Trump is playing chess while everyone else is playing…blah…blah…blah. Yeah right, and Bruce Jenner really is a woman!
Sometimes things are exactly as they seem.
“He spent the campaign savaging the old bag (rightly so) and then turns around and tells us what a lovely woman she is. That didn’t smell right.”
Too true – I pointed that out too. And the response from the retards was: “- he had to say it” – “he was being gracious you idiot”, “it is clever if he lets her just fizzle away and not put her in jail”. And then “he’s only just got elected fucker – give him a chance”
The Trump worshippers were trying to rationalise their thoughts and feelings. Fuck ’em – it was nothing more than bullshit denial. Deceived by the balding whoremonger again and again. Not exactly the sharpest tools in the garden shed are they xrugger?
People have short memories – these are the replies to one of my deleted comments:
starfcker says:
November 9, 2016 at 4:32 am
It’s called grace, asshole.
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Travo says:
November 9, 2016 at 4:57 am
He threw her a bone, plain and simple.
It’s get the best thing imho.
Let it alone. If the crimes and treason come out in open court it will damage us.
I hate that bitch so don’t take this wrong. She deserves a cell.
This shit is too bad. Better for us all to just let her die.
Or send someone to make that happen soon.
Ohomobola will pardon her anyway…..
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Tucci78 says:
November 9, 2016 at 5:06 am
Grace??? – saying one thing before election results and another afterwards – you really are a fcker
Actually, this kinda stuff is just political boilerplate. Null noise.
“I never try to get even. I just pat the guy on the back until small bullet holes appear between my fingers.”
— Unattributed (possibly Alphonse Capone)
Dear Don;
I know we haven’t been on very good terms lately, but that was before you became President. Now that you are President…well…..let’s just bury the hatchet as all us ex Presidents get along so swimmingly.
You and I actually have a lot in common. You are President. I was President. I bombed a Middle East country because of a dictator. You did the same. I was not a politician before becoming President. You too were not a politician. You owned your own business. I owned my own business. I made some promises while campaigning. You made some promises while campaigning. One of my promises was good news about taxes. One of your promises was good news about taxes. I broke the promise I made about taxes. You are positioning yourself to break your promise about taxes. That broken promise made me a one term President. Billy beat me badly.
Well, Don……enjoy the next four years. Then we will have something else in common!
Sincerely,
George H.W. Bush
P.S. Did I mention the American people know how to read lips?
Precisely my feelings yesterday, Rojam. One term president!