In the annals of warfare, at times new inventions completely revolutionize how wars are fought. The full list of these is long, so here are just a few prominent historical examples: gunpowder, the rifle cartridge (as opposed to musket balls), the machine gun, airplanes, and tanks. War-changing inventions don't always have to be offensive weapons -- radar would certainly qualify. In each case, however, the introduction of something new onto the battlefield has completely changed how wars are fought. Battleships had to give way to aircraft carriers. Before that, cavalry gave way to tanks. So it goes.

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This week, Wall Street figured out something about Donald Trump (that Vladimir Putin has known for quite a while now) and gave it a catchy name: "TACO." This stands for: "Trump Always Chickens Out."

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Once again, the Republican Party has laid out its real agenda, in the form of a federal budget. And once again, they have proven what their real priorities are: cutting taxes on the wealthiest Americans no matter what -- no matter who has to pay for it, or how.

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Disasters happen. It's a fact of life. Mother Nature occasionally decides to wreak havoc, and there's not a whole lot humanity can do about it. Steps can be taken to mitigate the worst features of a disaster (such as strengthening building codes), people do what they can to cope with disasters when they strike, and then the affected area goes through a phase of recovery and rebuilding after the disaster is over. Natural disasters can't be prevented, but we do everything we can in their aftermath to ameliorate the suffering. That's the way it is supposed to work, in any case.

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Donald Trump seems to now be in full retreat on his trade war. Which is good news, since American consumers are the ones who would have paid the price for it all. The strategy for other countries to follow is becoming clear now -- just wait Trump out, and eventually he will cave on his own, due to political and economic pressures increasing on him over time.

This strategy worked wonders for China, as last weekend Trump dropped his tariff levels against the country by a whopping 115 percentage points. This was precisely what China had been demanding he do before any trade negotiations could even begin. All they had to do was wait.

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There was some good news today for all Americans who cherish the United States Constitution. Interim U.S. Attorney for D.C. Ed Martin's nomination to be permanently confirmed for the job is in trouble. Senator Thom Tillis -- a Republican who will be facing a tough re-election fight next year in North Carolina -- has announced he will not support Martin's nomination in the Judiciary Committee. So Martin's confirmation won't even make it out of the Senate committee responsible for vetting candidates. Since no Democrat is going to vote for him, it leaves Martin with only 11 votes for and 11 against -- which is not enough to make it out of the committee.

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Donald Trump hit two milestones this past week: his first 100 days in office, and his first quarter of negative G.D.P. growth. True to form, he celebrated the first of these with a rally, while blaming the second on Joe Biden. He even tried to front-load any bad economic news in the second quarter as Biden's fault too. Oh, and for good measure, Trump expressed a desire to become the next pope. Which would probably be fine with plenty of Americans -- as long as he quits his current job in order to do so.

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Which brings us to Trump's strongest point, albeit one where his polling is also falling fast. On the subject of the southern border, the public does approve of what Trump has been doing. But on the larger subject of immigration, Trump is underwater in most polls, after starting out his term with those numbers in the positive ranges.

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As the Trump Trade War lurches onward, with another heaping amount of uncertainty added over the weekend, China just made a move that could have drastic worldwide consequences. They haven't fully committed to playing hardball, but they are certainly signalling that it might be their next step. And (to mix game-playing metaphors), in this particular game, China holds all the cards. They've got a royal flush, and we don't even have a pair of twos to work with.

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James Carville's famous political maxim ("It's the economy, stupid") needs updating. As we all ride out the Trump Slump in various ways, what we've got now is: "It's the stupid economy." The people running things are stupid. They are making stupid decisions. They have no clue whatsoever what they are doing, and it shows. Stupid is as stupid does. Welcome to The Stupid Economy, folks.

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