A fascinating column by Paul Kelly this morning and how often can you say that? It is about how the Chinese are trying to set up an international system of masters and serfs with the Chinese leading the way. Its title is a bit inscrutable but the advice to be cautious is dead on: One Belt, One Road: Australia needs to bide its time. In essence, the Chinese are seeking to lead an international movement in which government spending and direction are at the centre. Private sector activity may then follows at the periphery but the government takes the lead. Malcolm is a sucker for just such a vision, a vision he continues to advance domestically to our immense cost. Here is the essence of the plan:

Ten days ago 29 national leaders and delegates from 110 nations including Australia came to Beijing in response to a “summons” — an invitation, of course — to honour a Chinese dream and become participants in Xi’s vision to re-create the ancient Silk Road and jointly build the Silk Road Economic Belt and the 21st-century Maritime Silk Road.

It is an idea so big and sprawling that it is hard to grasp, a sign of weakness as well as ambition. It extends into Asia, Africa, Europe and the Pacific.

It is the next stage in China’s projection as a global and regional power and constitutes a fusion of two of China’s immense skills, infrastructure construction and financial backing. . . .

Building influence through infrastructure and financial power is the essence of Xi’s strategy, and hyperbole about Belt and Road seems limitless. . . . But the extent to which China’s balance sheet can be leveraged for infrastructure projects in other countries, often of dubious financial viability, remains unknown.

Malcolm is, of course, a past master at leveraging infrastructure projects of dubious financial viability. Bad ideas are his forte. Stay tuned.

To which we may now add: China credit rating downgraded by Moody’s which begins:

China’s credit rating has been cut one notch by Moody’s due to the rising debt needed to keep the economy growing.

Non-productive spending will do it every time. If you don’t produce what can then be sold eventually you cannot repay your debts.

As they all too well know, if Trump succeeds where they have failed, their destination is the scrap-heap of history. So where are we in the Middle East? From Drudge.

TRUMP ATTACKS IRAN AS SAUDIS SIGN ARMS DEAL… 

And for good measure: The Transcript of Trump’s speech in Saudi Arabia.

Also a brief reminder: Andrew Bolt to launch Art of the Impossible in Melbourne @ 12:00 noon on June 6

If you are not grateful that Trump is president, you are, whatever you may personally believe about yourself, a non-card-carrying member of the left. Political ingratitude seems to know no bounds, nor does the expression the art of the possible have any genuine meaning to you. This is what Trump has already done. This isn’t my list but was picked up on a comments thread. There are lots of other items I’m aware of as well, including sacking the Director of the FBI. But this is far more than anyone could have realistically achieved, not to mention that if anyone else had run, Hillary would be president.

* Enacted more legislation and signed more executive orders in the First 100 days than any president in a half century
* Enacted 28 pieces of legislation, more than any other president since Truman
* Signed 25 executive orders, the most of any 100 days in over 50 years (will be over 30 by day 100)
* Achieved first Supreme Court Confirmation in 100 days since 1881
* Instituted tough immigration policies that have driven illegal border crossings to a 17-year low
* Removed more job-killing regulations through legislation than any president in U.S. history
* Estimated savings: $18 billion annually
* Economic optimism has been renewed, with consumer confidence reaching its highest level in 16 years
* Ordered the toughest new rules to stop the revolving door between Washington lobbyists and government officials in history

100 Days of Accomplishments

Job Creation:
* Stronger Enforcement of Trade Guidelines
* Approving Permits for the Keystone and Dakota Access Pipelines
* Study Into Using American Material in Future Pipeline Construction
* Withdrawing from the Trans-Pacific Partnership
* Historic Partnership with the Private Sector

Immigration:
* Ordering a Freeze and Study of Immigration from Areas Compromised by Terrorism
* Halting Funding to Sanctuary Cities
* Increasing Numbers of Immigration Enforcement Personnel

Public Safety:
* Establishing Commission on Opioid Crisis
* Standing with Law Enforcement Officers
* Creating Task Force on Violent Crime
* Tackling International Cartels

National Security:
* Targeted Strike on Syrian Airfield
* Travel Restrictions on Select Countries Compromised by Terrorism
* New Iran Sanctions
* Calling for Increased Defense Spending in Budget Blueprint
* Cost Savings on F-35’s

Cutting Regulations:
* Energy Independence Executive Order
* Revocation of Federal Contracting Executive Orders
* Reexamination of CAFÉ Standards
* Review of Waters of the United States Rule
* Creation of Regulatory Task Forces
* Eliminating Stream Protection Rule
* Eliminating Regulations on Extraction Companies
* One-in-Two-Out Regulatory Reform
* Minimizing Affordable Care Act

Helping Women/Minorities:
* HBCU Initiative
* Canada-United States Council for the Advancement of Women Entrepreneurs
* Promoting Women in Entrepreneurship Act
* Promoting Programs to Engage Women in STEM Fields

Of course there is that CNN breaking news on “Two Scoop” Trump that makes all this irrelevant.

RUSH LIMBAUGH UPDATE: I spent a lifetime in politics and learned there to appreciate the small mercies of the occasionally good government. Reading the comments thread does make me think there are a fair few with nooooo idea about politics with the cowardice and inanity which is its regular fare. Just think Malcolm and you will see what I mean. Meanwhile, back in the USA we are looking at the most extraordinary and potentially positively transformative presidency in certainly the past century. Here’s Rush’s take: Limbaugh: Can We Take A Moment And Appreciate How Epic Trump Presidency Is?

He can’t get Obamacare turned over in 100 days. Well the Libs couldn’t put in a $5 Medicare surcharge. If you cannot see how extraordinary these past weeks have been your opinion is not worth a plug nickel. And if you really want to be riled, have a go at his address to Liberty University which I sat through last night watching it live: Trump: ‘In America we don’t worship government, we worship God’. And here’s the full speech for, shall we say, the true believers.