So let me get this right. Donald Trump, after huffing and puffing and threatening war over Greenland has now backed off and agreed to basically indefinite negotiations that will probably end in expanded military bases that were his for the asking.
I can see any number of possibilities of what happened.
- The bond market cracked its whip and Trump jumped into line.
- European leaders stood up firmly and he backed down.
- The European leaders flattered and cajoled him into a deal.
- Trump thinks that a deal gotten through threats and coercion is much better than the identical deal given voluntarily.
- Trump thinks that his base is more likely to applaud the deal if it seems to have been gotten by force.
- Trump likes stirring up crises so he can get credit for resolving them.
- It was an attempt to distract attention from his flagging approval at home.
- Trump was getting bored and wanted to stir up a little excitement. After a while, he got bored with the crisis and decided to move on to something new.
I suspect there is some truth in many of these things. But my guess is that the first explanation is primary. The bond market cracked its whip and Trump jumped into line.
I never thought I would say this, but let's all be grateful for the bond market.
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