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Paul Krugman pronounces sentence on president as economy begins collapse: ‘Trumpanomics is a flop’

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According to Nobel Prize-winning economist Paul Krugman, the reeling bond and stock market are the report card by which Donald Trump’s stewardship of the economy is faring and all indications are that his so-called “Trumpanomics” is a giant failure.

In his column for the New York Times, Krugman began, “Last year, after an earlier stock market swoon brought on by headlines about the U.S.-China trade conflict, I laid out three rules for thinking about such events. First, the stock market is not the economy. Second, the stock market is not the economy. Third, the stock market is not the economy.

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But maybe I should add a fourth rule: The bond market sorta kinda is the economy.”

“An old economists’ joke says that the stock market predicted nine of the last five recessions. Well, an inverted yield curve’ — when interest rates on short-term bonds are higher than on long-term bonds — predicted six of the last six recessions,” he added b before noting the market has moved into that territory now.

Pointing out the “wave of gloom” that is now hovering over the world’s markets, Krugman pointed the finger directly at the president when it comes to who is primarily to blame.

“Yes, [Trump’s] tax cut gave the economy a boost — a ‘sugar high,'” he explained. “Running trillion-dollar deficits will do that. But the boost was temporary. In particular, the promised boom in business investment never materialized. And now the economy has reverted, at best, to its pre-stimulus growth rate.”

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Conceding that “Trump isn’t the only problem here,” Krugman said the president’s previous policies — including ruinous tariffs that are crippling farmers and manufacturers alike — are now water under the bridge and the greater worry is that he and advisors have no idea how to put out the economic fire they set.

Even if Trump and company aren’t the source of all of our economic difficulties, you still want some assurance that they’ll deal effectively with problems as they arise. So what kind of contingency planning is the administration engaged in? What are officials considering doing if the economy does weaken substantially?” he asked before answering his own question.

“The answer, reportedly, is that there is no policy discussion at all, which isn’t surprising when you bear in mind the fact that basically everyone who knows anything about economics left the Trump administration months or years ago. The advisers who remain are busy with high-priority tasks like accusing The Wall Street Journal editorial page of being pro-Chinese,” he quipped.

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“Now, a word of caution: Bond markets are telling us that the smart money is gloomy about economic prospects, but the smart money can be wrong. In fact, it has been wrong in the recent past. Investors were clearly far too optimistic last fall, but they may be too pessimistic now.

But pessimistic they are” he added as a caveat before warning, “The bond market, which is the best indicator we have, is declaring that Trumponomics was a flop.”

You can read more here.

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WATCH: Boris Johnson booed off the stage in Luxembourg while trying to talk about Brexit

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British Prime Minister Boris Johnson was scheduled to hold a press conference in Luxembourg after talks with European Commission President Jean-Claude Juncker and Luxembourg Prime Minister Xavier Bettel.

But according to Business Insider, Johnson was forced to scrap the press conference when he was greeted with a giant mass of booing protestors. Some of the demonstrators played Ludwig van Beethoven's "Ode to Joy," — a symbol of the European Union — and others shouted "We are the smiling piccaninnies of Luxembourg," referencing Johnson's racist remarks about black Africans.

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Justin Amash rips Trump for taking ‘orders’ from Saudi Arabia

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Rep. Justin Amash (I-MI) blasted President Donald Trump for taking "orders" from Saudi Arabia as he threatened a military strike against Iran.

The Republican-turned-independent lawmaker called on Congress to determine what response was necessary to an alleged attack on oil production facilities in the Saudi Arabia, after the president warned the U.S. military was "locked and loaded" and awaiting further instruction from the kingdom.

"Under our Constitution, the power to commence war lies with Congress, not the president and certainly not Saudi Arabia," Amash tweeted. "We don’t take orders from foreign powers."

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REVEALED: Russia carried out ‘stunning’ operation that hurt FBI’s ability to track its spies during 2016 election

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Yahoo News is reporting that Russia carried out what is being described as a "stunning" operation in the United States that hampered the FBI's ability to track Russian spies during the 2016 presidential election.

According to Yahoo, Russia in 2016 made a technological breakthrough that allowed it to compromise the FBI's encrypted radio systems used by mobile surveillance teams who keep tabs on suspected Russian spies operating in the U.S. Russia even managed to compromise these teams' backup systems that consisted of cellphones with push-to-talk capabilities, thus further hindering the surveillance teams' ability to do their jobs.

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