Please Stop Pretending that Donald Trump’s Every Utterance Has Magic Powers

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Yesterday Donald Trump said he thought the dollar was “too strong.” Today the Wall Street Journal goes into overdrive to describe the effect of the great man’s words:

Trump Comments Send Dollar Reeling

Reeling! Is that true? Well, the Journal’s own dollar index fell about 1 percent, and sure, that’s a fair amount for a single day. But let’s take a look at the Journal’s index for the entire period since Trump’s election:

Hmmm. The dollar steadily gained strength following Trump’s election based on expectations of his economic and trade policy. Then it started sliding around the start of the new year. Its latest 1 percent drop is hardly significant: it’s dropped that much in a single day before, and it’s still up significantly since Trump’s election. And in case you’re curious, here’s a longer-term view:

So did Trump’s words have a galvanizing effect on the world’s currency traders? It’s possible, but we might want to wait a few days before we say so. There are other things going on in the world too, after all.

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

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