The stock market cratered yesterday after tweets from Trump demanding that American companies stop doing business with China and calling the chair of the Federal Reserve an enemy of the United States–after the Fed declined to cut rates again.
“Our great American companies are hereby ordered to immediately start looking for an alternative to China…”
“My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?”
The markets are beginning to accept that Trump lost his trade war, that his tariffs are hurting our economy, and that chaos and uncertainty are not going to ebb anytime soon. The DOW closed down 623 points, or 2.37%, free-falling just seconds after Trump’s tweets.
Imagine if Barack Obama had “hereby ordered” corporations to do anything–the radical right would have lost its mind. But with all of their fear-mongering about Commies on the left, it’s Trump who is treating American companies like extensions of the state while acting like a fascist.
After the markets closed, Trump announced that he would increase his tariffs on China in retaliation for them placing taxes on American goods. It’s easy to imagine that the stock markets will hate this act of escalation and sink further on Monday in response. Trump will try to blame everyone else, as he always does, but this market mess is purely a product of his incompetence and vindictiveness.
In the “truly something to fear” category, the Amazon rainforest continues to burn at an unprecedented rate. Many of the fires were started to clear land for cattle grazing to feed the ever-growing demand (especially in the USA) for meat. Siberia is also suffering unprecedented fires due to record warmth combined with unusually dry conditions and Greenland is melting at a horrifying pace–fitting the predictions made by scientists as part of a rapidly warming globe. I hate to say it, but we’re screwed. We need big changes NOW if we want to stave off our own mass extinction but humanity has been slow to act, and the United States under Bush and now Trump has taken action to make things much worse. It’s profoundly depressing.
One other item of consequential news: David Koch passed away yesterday. David, the younger of the two Koch Brothers, was one of the wealthiest men in the world and one of the biggest funders of climate denial. Social media saw a range of reactions but my favorite came from the actor Ron Perlman (@perlmutations):
Wishing the Koch brothers a speedy reunion.
Almost every radical conservative think-tank quoted in the press or mentioned on TV was either started by Koch or received funding from Koch. The political reach of the Koch Brothers remains unprecedented and unsurpassed. The sooner we rid out media and discourse of their noxious influence, the better.
Keep resisting Trump and keep working to “vote his ass out of office.”