Best Of The Web
“Stocks plunged this afternoon in Wall Street’s worst day of the year, as the trade war between the United States and China entered a dangerous new phase that could imperil the historic U.S. recovery.
The Dow Jones Industrial Average and the S&P 500 both fell 3 percent. Oil crashed. The spread between three-month and 10-year Treasury rates—the “yield curve,” which has historically served as a prescient indicator of the economy—inverted to its widest level since 2007, the year the U.S. fell into the Great Recession.
In March 2018, the president declared that “trade wars are good, and easy to win.” Today was evidence that, in fact, they are neither.
The yuan, which is tightly controlled by the People’s Bank of China, dipped sharply and hit an all-time low in offshore trading—a dramatic escalation in the standoff between the White House and Beijing. But the currency depreciation isn’t just an omen. A cheaper yuan would also have an immediate effect on global trade, making Chinese exports more affordable, while reducing its demand for global goods and services—such as iPhones, oil, and tourism. The state-run Xinhua News Agency also announced that the Chinese firms would stop buying American agricultural goods entirely.”
JJ Editor's Picks
"Kurds have been staunch allies in America's struggle against ISIS. Without them, America would have paid a far steeper price in blood and treasure to defeat the brutal outfit. That's why President Trump's move to pull U.S. troops out of..."
"For the first time since President Richard Nixon refused to turn over the White House tapes, the United States is facing a genuine constitutional crisis. To be sure, Donald Trump had already created a crisis in the presidency by abusing the..."
"Every October for the past five years, Fat Bear Week has showcased some of the healthiest, hungriest, and chonkiest bears in Katmai National Park and Preserve, a four-million-acre expanse of wilderness in southern Alaska..."
"I sat on my childhood bed, surrounded by 52-year-old stuffed animals, with a smartphone lodged between my ear and shoulder. My father had died unexpectedly the day before, and I was jotting down notes as my rabbi back in Ohio described various..."
"In August, it was SoulCycle and Equinox. The month prior, Home Depot. Back in 2017, L.L.Bean. These are only a few of the companies to ignite the collective ire of progressive consumers over corporate ties to Trump. In the case of the boutique..."
"Movies like Gemini Man are usually ideal airplane viewing. Take a formulaic plot about spies and cloning, then add dialogue so predictable that getting interrupted by pilots’ announcements and turbulence and your seatmate’s need to get up and..."
"It’s still unclear whether Israel’s next election will be in four years or four months. But either way, if the center-right wants a better outcome, it needs to learn the lessons of September’s election. So here are two: First, while center-right..."
"Smart homes, bountiful oceans and casual sexism: the future as envisaged from 1967 ‘Yes, life will be richer, easier, healthier as space-age dreams come true.’ In 1967, the Ford Motor Company (then known as Philco-Ford) released the short film..."