It is galling to watch Trump's vain posturing as he parades around the world. It is easy to push his buttons; he seems to offer an entire keyboard of them. We may have sympathy with Gary Cohn's rumoured assessment of the man as being 'dumb as shit' but he is the one in power and we are obliged to objectively consider the consequences of his actions.

The tax cuts have been a good thing for the stockmarket, though these are now wholly reflected in prices. The improbable device of soaking the rich with even more wealth will almost certainly spur economic growth, perhaps by as much as 0.7% this year and a further 1.5% in the following one according to the Economist. However, this comes at a monstrous cost to the government deficit which will hit nearly 6% by 2020. Through modern history, the deficit has never been greater outside a time of crisis. This leaves the economy in a vulnerable position and the government's finances risk spiralling out of control if something untoward occurs.