‘Roaring economy,’ Trump policies, Bredesen senate bid examined
Unemployment drops. The dollar rises. The ruble collapses, as does the Russian stock market. Same in China. The yuan declines and the Shanghai index is down 20 percent since the first of the year, putting Chinese stocks in or near bear market territory.
Last week, the American president smacked Recep Erdogan, president of Turkey, with sanctions and tariffs after Erdogan played to his Islamist base by refusing to release an American pastor on trumped-up espionage charges. The Turkish lira imploded, interest rates rose to more than 20 percent and Turkey’s stock market accelerated a decline that has cut market capitalization in half over the past year.
America! Forgive my momentary jingoism but money talks and right now, at this moment, the U.S. economy is roaring and the world knows it. Hence, global funds are flowing into assets denominated in U.S. dollars. Is it sustainable? Who knows. But it is real-time reality.