Europe should have compromised with May. Now that unstable union will see less cooperation from Johnson.

MMT is communistic, if you listen to Kelton and others. But here are a few points. First of all, Richard Cheney said deficits don't matter. So, capitalism has embraced MMT from time to time. Second, workers save more now than in Kalecki's time. Although the number of workers living paycheck to paycheck has risen dramatically since 2000. Third, labor participation in GDP has dropped for years. Fourth, MMT is not sustainable. LBJ tried it, with trouble at the end. Kalicki contributed many positives concerning the end of the business cycle. Like Keynes, he was trying to make sense out of the Great Depression. Surely Mises would have twiddled his thumbs in the face of that miserable time.

Macron and Le Pen. You would think the French could do better. But then, what can an American say after our debacle?

It was the only nation to bring us out of the Great Recession. We may not be so fortunate next time.

I have to say that Trump is destroying a massive market that was just starting to open up massively to the US. If you and Trump don't want or need the Chinese market, clearly the driver of world growth, I have to ask, what are you thinking, Mark?

Trump says we have to deal with China and Iran. Iran was complying with the agreement Trump rejected. And China was increasing purchases of US goods, with a huge potential market, until Trump ruined that as well.

Lyndon Johnson drank himself to death. Trump is fortunate that he abstains, but there is potential disaster both with Iran and China lurking. The United States may have some hard lessons to learn because of Trump's aggressiveness unless he is replaced by a peace loving free trader before really bad things happen. As it is, Trump's attack on Huaweii is a nuclear option that could set in motion China's nuclear option, rare earth bans.Sending troops to the middle east seems to be an offensive move. Not good.

Update 1: Trump's executive order to ban chips and cell designs from the USA, especially ARM designs to Huawei, does cross the line, making the trade war far more dangerous. Arm is a UK company, but with some critical USA components. China's response could be hostile. That nation could ban rare earths to the west, or simply ban Apple and Samsung sales into China. That is the biggest and fastest growing market in the world.

If Steve Bannon were president he would say we should endure the coming slowdown. I wonder how glued Trump is to that dangerous thinking?

I wonder how things would shake out if China went on a buying binge? That could drive the Fed crazy as they want long yields to go up!