Trump the lame duck would be a relief for the world

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The oil price is rising. The war in the Gulf shows little sign of ending any time soon. France is leading the eurozone into a fresh crisis, and the AI bubble may burst at any moment.

There is no shortage of reasons to worry about the global economy. And yet there is at least one piece of good news on the horizon: Donald Trump is likely about to become the lamest of lame duck presidents.

Usually, a powerless president of the United States would be a problem. But given the scale of the havoc he has wreaked over the last two years, a period of paralysis in Washington will be exactly what the markets need.

In the midterm elections on November 3, the Republicans look poised to suffer a defeat of epic proportions. On the prediction markets, which have shown an uncanny ability to call elections, there is already a more than 80 per cent chance that they will lose control of the House, and a 69 per cent chance that they will lose control of the Senate as well. The Democrats only need to gain four seats in the Senate to take control. That is hardly a very demanding target.

By the middle of November, Trump is highly likely to have lost control of the legislature. His approval ratings are in free-fall,........

© WA Today