Donald Trump, age 79, is a man in a hurry. Our Telegram column examines the sudden change in a president who has snatched Nicolás Maduro; is threatening Iran, Cuba and Mexico; and even says he wants to take Greenland “the hard way” if necessary. He is likely to find that American military power is not a magic wand he can wave endlessly without negative consequences.

Elsewhere, we have obtained a “private memo” from central banks to governments (which we definitely didn’t write ourselves). It arrives as Jerome (“Jay”) Powell, the chairman of the Federal Reserve, faces charges from the Trump administration. “Jay’s fight has shown us how bad things could get for us if you keep breathing down our necks,” the memo reads. “This episode should remind you how bad things will get for you, if you don’t back off.”