“THE GOLDEN age of America begins right now,” intoned Donald Trump at the start of his inaugural address on January 20th. The business world bought the glittering talk, in anticipation of lower taxes, less red tape and buoyant American consumers. Between election day in November and the swearing-in, the Russell 3000 index, which covers most of America’s public companies, rose by 5%. The resulting $2.4trn in new shareholder value was equivalent to the entire Indian stockmarket with two Mexican bourses thrown in. America was first. No one came remotely close.
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