There is a generalised crisis of the so-called ‘Emerging Markets’ of the semi-colonial world, and the Turkish lira is only one of a number of sharply devalued currencies this year. Financial market commentators and speculators are all inclined to blame Turkish President Erdogan for the crisis affecting Turkey. In reality the main source of the wider crisis is the US President Trump.
To assess the impact of the Trump tax cut on the US economy it is necessary to analyse the interrelation of two processes:
The determinants of US economic growth in the medium/long term,
The short-term position of the US economy in the current business cycle
By Michael Wongsam
The election of Donald Trump as America’s 45th president has provoked many responses, from outright rage and protest in many urban centres through to resignation, acceptance and accommodation to the result on the part of the DNC establishment. Opponents have correctly characterised his campaign as a right wing populist call to arms aimed at mobilising rural and sub urban white communities against immigrants, Muslims, black and other minority groups around a reactionary conservative agenda. However, in order to understand this vote in its full significance it is necessary to take a longer, historic view of its place in the unfolding of US politics.