The surrender to Iran has largely been understood as Trump desperately needing to turn things around before the midterms. He needs the oil to flow again and bring prices down. As Krugman explains, though, that's unlikely to happen for a lot of reasons. Among them are the fact that even if the war was really over - and the ceasefire keeps collapsing because Trump keeps threatening Iran - it would take weeks and months to restore the flow of oil, urea and other goods through the Strait. We would also have to replenish reserve stockpiles that we have been drawing down to reduce the impact of the loss of the Gulf oil on world markets. Finally, there are baked in inflationary effects from this war that we really haven't seen yet, but almost certainly will.
So, Trump seems to be flailing around. You have weathervanes like Tucker Carlson blowing away from Trump. Leaving aside whatever pathologies are surrounding Trump psychologically and neurologically, he is facing collapsing poll numbers and rumblings among his base that portend even more ominous signs. The MOU is simply another sign of this flailing. His desperation for a favorable peace deal is more palpable than the load in his Depends, and Iran knows it.
There are a host of things going wrong, all of which create a gestalt of incompetence and corruption. While I think a lot of what Yglesias writes about politics is suspect, he's right about persuadable voters. This is really just another way to describe the Ariana Grande Voter Theory, and we have to acknowledge that partisanship has left American democracy at the whims of people who do not understand American democracy.
This should redound to Democrats' favor in November, because things aren't great now and are going to stay bad. Trump can't help but make some of these things worse - the Reflecting Pool is a good example of how he simply cannot admit a mistake - and so the question for the midterms is pretty simple.
Democrats will turn out. They are motivated. Even if many of them have qualms about the party, they are going to show up. They will hold their noses and vote for people like Graham Platner. The questions are about what will happen to Republican turnout? And where will the feckless middle land? If a lot of Republicans just sit out the midterms, that's important. If angry Ariana Grande voters show up to vote for Democrats, that's important.
We need both Houses to really correct things. I don't think surrendering to Iran is going to help Trump prevent that.
UPDATE: We are in the midst of a market correction. That seems an especially likely outcome over time. The stock market seems disconnected from the world at large.
When we have market crashes, typically we get some foreshadowing in the spring and the real collapse in the fall. Is this foreshadowing or just a small correction?