The rise of America ‘Moron Premium’

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The bond of name. Treasury bond. So far, the only force that has been so far can stop Donald Trump or at least think it is the US Treasury market. Republicans Supine; Democrats are harmless; The chief administrators got the cover; And America’s foreign partners are like a mine area around Trump. Some judges throw sand on the gears. But they did not return Trump’s direction. In addition to Russia’s Vladimir Putin, Trump is the growing price of the most feared money.

But the fear is episodic. The treasury bond prices have fallen sharply twice in Tandem, twice. Foreign investors want to compensate better with the risk of having the US debt. Low bond prices mean higher productivity, dollars and treasures usually go in opposite ways. In April, Trump in April, wished the global tariff war for 90 days. Bond prices were restored. Second, last week, Trump has started again economic War in the EU, swore 50 percent of the tariffs. At the same time, Apple threatened the iPhone with 25 percent of the tasks. US bonds in the market market, President of the European Commission Ursula Von der “A very nice call” from Leyen “A very nice call”, convinced Trump to announce another break.

Trump is the highest level since 123 percent of America’s 123 percent of America. Because Bill Clinton balanced the budget, he added a consistent US management deficit. Barrack Obama, who tried to build a magnificent deal with the Republicans, ignored the deteriorating financing of America. The worst criminals were George W Bush and Trump that made a great inappropriate tax discounts. One-third is Joe Binden, which makes little effort to increase taxes to pay for a higher spending.

So far paragraph The markets were unconditional. What changed? Two things. The first of the Covid. Pandemic, low inflation and easy to record the end of money. Zero-related interest rates caused everyone to look good. At the same time, the budget was badly managed, and the US departments will generally be able to bet that growth will increase the cost of debt interest. Flew now. Trumman’s “big, beautiful bill” Last week, the representations will add a home to more than $ 3 billion in the US government loan last week. Debt service costs will eat a growing stake of the pie. The bill expenses are both socially cruel and insufficient.

Second, Trump’s second-term psychology, which is much far away from its first. The writing on the wall is a former prime minister that has ended by the British short term Bond markets. The UK Gilts market considered the growth of growth that said that the main part is a magical thinking. The most part of the courage of Rachel Reeves, Rachel Reeves, Rachel Reeves can be attributed to the fear of Truss. Added Truss’ fool The risk of moron UK government bonds.

Truss, last week he did not learn anything in the Washington post and forgot forgotten nothing. “I have learned from my experience, the globalist economic enterprise is a transparent power, wrote in the counseling column for Trump. The bond shall be determined by countless actors including central banks, pensions and insurance funds, non-West sovereign wealth and millions of people. Truss’s globalist structure thus seems a little useless to assassinate a little. His saga is to invest in a safe asset. Doubts like this truss are now crawling in the US treasury bonds.

Ernest Hemingway Cliche – America is gradually bankrupt and now suddenly suddenly. Out of this sign. The United States will not only enhance the choice. This can happen if you refuse to raise the US debt ceiling this year. However, this suicide form would even be eccentric for today’s Washington standards. Or Trump, the US Treasury bonds can receive a fee for foreign owners, which will be the same as the standard. Some consultants see it as a tool to lower the dollars to export it cheaper. Again, even Trump can prevent the American nose to interrupt. Embracing America’s creditors would be an instant way of crashing the market.

Trump’s Mercurial re-leaves that it is probably a war again in economic orthodoxy. The markets are a lot of glass half full camp. TRUMP, Trump, Brinked back – US federal spare chairs are to break, say or prospectally to help or help. Even the personal market forces are also biased to treat self-harm behaviors abnormally. In the early 1930s, Herbert Hoover should return to find such a US president to fight economic reality.

With one respect, Trump is like his final republican predecessors. Believes in the tax cut. What is the novel, only believes in America’s credit. Although the red inks are Summer from Washington, Trump, Cryptocurrency, AI and some extent from a wild west to banking. It would be melodramatic to predict the rapprochement of the US reserve currency. On the other hand, the conditions for the global financial crisis should be taken seriously.

edward.uce@ft.com