Time for a Change

Fri, 2017/07/28 - 1:59pm | Your editor
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It is time for a change.

I think the USA, the GOP, and the Trump Administration's prospects are better now that repeal of Obama care has been forced off the Congressional agenda. Unlike other key policies Pres Trump supported in his successful campaign for office, like infrastructure spending and tax reform, there never really was a popular mandate for ending the keynote policy of the prior Administration.

Infrastructure investment opening up to private-sector partners is a commonplace in foreign countries and there is no serious reason why it cannot be done here. And anyone who has ever filled out W2 forms knows that US taxes are an unholy mess.

Having said that, I am still wary of the White House tendency to adopt wholesale policies inherited from the anti-Mencken parts of the country: hostility to immigrants, trade protectionism, blocking access to family planning and abortion, and above all discrimination against the many gays and lesbians who have left the closet (and transgender people who I think are rather rare as I have never met one.)

In foreign policy of course Mr Trump is unable to make overtures to Russia to reduce world tensions because his own team was infiltrated by Putin and his spies before it won office. But history shows that this is no tragedy. Every president upon taking office has tried to reset relations since Putin came to power: Bush senior, Clinton, George W. Bush, Obama, and of course Trump. It has never worked because the Russian government is a corrupt murderous oligarchy able to manipulate home country opinion to back irridentism, theft, nationalism, social repression, and overreach.

The US economy in Q2 nearly doubled its growth rate to 2.6% so this is a good time for economic reform measures. It is also a good time to talk turkey to Russia and China as the Hermit Kingdom of North Korea has again tested a big missile.

 

More today from Britain, Denmark, Spain, Bermuda, Canada, Mexico, Brazil, Israel, Nevada, and a few other places. As usual at this time of the quarter we have reports from our companies. Plus a trade for Monday.

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