Tag: economics

Who Advises These Morons?

Americans have always tended to look down on Canadians as being nice, but ineffectual people, on average. It appears, however, that their political class is even more self-destructive than their European counterparts:

Donald Trump continued his budding trade war with Canada by pledging to ‘just get it all back’ with stiffer reciprocal tariffs next month – as Ontario Premier Doug Ford threatened to knock his lights out. Ford has already followed through on a promise to put a 25% tariff on Canadian electricity to Michigan, New York and Minnesota on Monday.

The Ontario premier, who runs Canada’s most populous province, now says he’s ready to ‘shut the electricity off completely’ if America continues to ‘escalate.’

Trump has shot back, mocking Ford’s plan and saying that his promise of reciprocal tariffs will render anything Ontario does useless.

‘Despite the fact that Canada is charging the USA from 250% to 390% Tariffs on many of our farm products, Ontario just announced a 25% surcharge on ‘electricity,’ of all things, and you’re not even allowed to do that,’ he said in a Truth Social.

However, Trump said that the US will ‘just get it all back on April 2,’ when the administration’s reciprocal tariff plan goes into effect. Trump continued to take shots at his neighbors to the north before declaring he was on the way to making America great again.

‘Canada is a Tariff abuser, and always has been, but the United States is not going to be subsidizing Canada any longer. We don’t need your Cars, we don’t need your Lumber, we don’t your Energy, and very soon, you will find that out,’ he promised.

This is the danger of believing the rhetoric of your corrupt Clown World advisors and taking it literally. All of these political figures threatening to respond in kind to US tariffs quite clearly don’t understand the basic economic math involved.

While Canada can hurt a few specific economic sectors, the overall benefit to the USA of complete autarky is significant. Therefore, any escalation of a tariff war between the USA and Canada only makes it more profitable to the USA and more costly to Canada. The same is true of Mexico, China, Japan, and every other country that runs a trade surplus with the USA.

Japan, at least, understands this, and is seeking to avoid making things worse for itself.

Japan’s trade minister said Tuesday that he has failed to win assurances from U.S. officials that the key U.S. ally will be exempt from tariffs, some of which go onto effect on Wednesday. Yoji Muto was in Washington for last ditch negotiations over the tariffs on a range of Japanese exports including cars, steel and aluminum. Muto said Tuesday that Japan, which contributes to the U.S. economy by heavily investing and creating jobs in the United States, “should not be subject to” 25% tariffs on steel, aluminum and auto exports to America.

You’ll notice Japan hasn’t been doing anything stupid like threatening to add to its already significant list of obstacles to US imports.

UPDATE: The God-Emperor 2.0 didn’t waste any time before dropping the hammer.

President Donald Trump declared a national emergency on electricity in the United States and doubled the tariffs on aluminum and steel from Canada after retaliatory tariffs from America’s neighbor to the north. Trump also warned more auto tariffs are coming on April 2nd. He wants Canada to drop its retaliatory tariffs on U.S. dairy and agricultural products.

‘If other egregious, long time Tariffs are not likewise dropped by Canada, I will substantially increase, on April 2nd, the Tariffs on Cars coming into the U.S. which will, essentially, permanently shut down the automobile manufacturing business in Canada,’ he said.

It’s mildly amusing to observe the media trying to cry about how US tariffs are bad while simultaneously refusing to acknowledge the fact that they are a response to Canadian tariffs on US products that have long been in place.

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Is Japan Next?

The God-Emperor appears to have turned his sights upon the trade deficit with Japan and the massive expense of maintaining the US military there.

President Donald Trump said Japan is not required to protect the United States militarily and makes “a fortune” from it economically, as he fired off an impromptu broadside at a key ally.

It came as Japan’s trade minister is arranging a trip to Washington during which he will reportedly demand an exemption from imminent U.S. tariffs on steel and aluminum.

“We have a great relationship with Japan. But we have an interesting deal with Japan that we have to protect them, but they don’t have to protect us,” Trump said Thursday.

“And by the way, they make a fortune with us economically,” he said. “I actually ask, who makes these deals?”

In response, Japanese government spokesman Yoshimasa Hayashi said Friday that Japan trusts Washington to keep its obligation to the two countries’ security treaty.

Around 54,000 U.S. military personnel are stationed in Japan, mostly in the Okinawa region east of Taiwan.

The key observation that President Trump appears to have made is that imperialism is not, in the long term, profitable to the imperialist nation. Over time, it increasingly benefits the foreigners who are attracted to the imperial center of power, to the exclusion of the nationals for whose benefit the empire ostensibly exists.

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20 Percent Tariffs on China

The God-Emperor 2.0 knows perfectly well that trade wars are winnable, in some circumstances, and that those circumstances apply to the USA vis-a-vis China as well as a number of other Asian and European countries, as indicated by his most recent Executive Order:

Section 1. Background. With Executive Order 14195 of February 1, 2025 (Imposing Duties to Address the Synthetic Opioid Supply Chain in the People’s Republic of China), I determined that the failure of the Government of the People’s Republic of China (PRC) to act to blunt the sustained influx of synthetic opioids, including fentanyl, flowing from the PRC to the United States constituted an unusual and extraordinary threat, which has its source in substantial part outside the United States, to the national security, foreign policy, and economy of the United States. To address that threat, I invoked my authority under section 1702(a)(1)(B) of IEEPA to impose ad valorem tariffs on articles that are products of the PRC, as defined by the Federal Register notice described in section 2(d) of Executive Order 14195, as amended by Executive Order 14200 of February 5, 2025 (Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China).

Pursuant to section 3 of Executive Order 14195, I have determined that the PRC has not taken adequate steps to alleviate the illicit drug crisis through cooperative enforcement actions, and that the crisis described in Executive Order 14195 has not abated.

Sec. 2. Amendment. In recognition of the fact that the PRC has not taken adequate steps to alleviate the illicit drug crisis, section 2(a) of Executive Order 14195 is hereby amended by striking the words “10 percent” and inserting in lieu thereof the words “20 percent”.

Although China’s Foreign Ministry is clinging to its Ricardian rhetoric, the fact that they’re not escalating tends to indicate that they understand that at least with regards to this particular trade issue, the US President holds all the cards.

The New York Times: The United States has imposed further 10 percent tariffs on most goods from China. What is your reaction?

Lin Jian: I believe you’ve noticed the statements released by competent Chinese departments. The fentanyl issue is a flimsy excuse to raise U.S. tariffs on Chinese imports. China has made clear its opposition more than once. Our countermeasures to defend our rights and interests are fully legitimate and necessary.

The U.S., not anyone else, is responsible for the fentanyl crisis inside the U.S. In the spirit of humanity and goodwill towards the American people, we have taken robust steps to assist the U.S. in dealing with the issue. This is obvious to all and people from various sectors in the U.S. have expressed thanks to China on multiple occasions. Instead of recognizing our efforts, the U.S. has sought to smear and shifted the blame to China, and is seeking to pressure and blackmail China with tariff hikes. They’ve been punishing us for helping them. This is not going to solve the U.S.’s problem and will undermine our counternarcotics dialogue and cooperation. 

Let me reiterate that intimidation does not scare us. Bullying does not work on us. Pressuring, coercion or threats are not the right way of dealing with China. Anyone using maximum pressure on China is picking the wrong guy and miscalculating. If the U.S. truly wants to solve the fentanyl issue, then the right thing to do is to consult with China on the basis of equality, mutual respect and mutual benefit to address each other’s concerns. If the U.S. has other agenda in mind and if war is what the U.S. wants, be it a tariff war, a trade war or any other type of war, we’re ready to fight till the end. We urge the U.S. to stop being domineering and return to the right track of dialogue and cooperation at an early date. 

Below is the list of the ten countries whose positions are weakest concerning a potential trade war with the USA:

  • China $279 billion
  • Mexico $152 billion
  • Vietnam $104 billion
  • Germany $83 billion
  • Japan $71 billion
  • Canada $67 billion
  • Ireland $65 billion
  • South Korea $51 billion
  • Taiwan $47 billion
  • Italy $44 billion

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It Actually Is What it Is

White Bull has launched their long-awaited substack focused on business and the intersection of policy on business with a very solid piece on tariffs. This is particularly important, because both the media and most official government positions on tariffs are still stuck in 18th century critiques of European mercantilism and therefore take nothing that has happened and nothing that we’ve learned in the last 250 years into account.

Before the 2024 election Trump said, “Tariffs are the greatest thing ever invented.” While it is typical Trumpian hyperbole, it is not wrong. Following almost 4 decades of globalists being hell bent on eliminating trade barriers, US trade policy supporting exporting US manufacturing to Canada/Mexico with NAFTA, or China with MFN and then accession to WTO (thank you Bill Clinton + Laura Tyson), the US has essentially been subsidizing other nations at its own expense. Tariffs are one of many tools that the US needs to start using to recalibrate its place vis a vis the global marketplace.

The globalists in Congress keep saying that Trump doesn’t know what he is talking about when he discusses who actually pays the tariffs.They say consumers pay the tariffs. Well, they are (partly) right and everyone knows this. What they don’t talk about is that unless the producers who have tariffs levied on them reduce their wholesale prices, the cost to the American consumer will increase by retail price + the tariff %. American consumers are smart enough to shift their buying preferences towards better value, alternative products or wait on purchases until alternatives emerge. American manufacturers will be motivated to bring manufacturing back to the US, since profitability is possible again. Everybody in America wins! At Davos a few weeks ago, even the pragmatic Jaime Dimon came out in favor of tariffs, saying, “I would put into perspective: If it’s a little inflationary, but it’s good for national security, so be it. I mean, get over it.”

Tariffs were a very effective tool for the US during the 1800s, and between 1861-1933 the US had one of the highest average tariff rates on manufactured imports in the world. Is it surprising that after 1933/New Deal, tariffs started to disappear while being replaced by income taxes, sales taxes and a myriad of social programs started to emerge? Tariffs can be raised, lowered or eliminated entirely as needed. But taxes and entitlements rarely disappear creating virtually unlimited budgets for politicians to tap into or steal. And while there is always the danger of a trade war, it looks like many ‘deals’ will get cut to decrease US trade deficits with targeted countries before needing to actually levy the tariffs.

IT IS WHAT IT IS promises to be as significant in the business and technology space as FANDOM PULSE has already proved to be in the entertainment and culture space. If you’re running a side hustle or you’re a full-time entrepreneur with your own small business, you will definitely want to be a part of the conversation there. It’s something I’ve wanted White Bull to do for a long time, simply so I don’t have to, because it is one thing that we just haven’t had in the greater community.

We’ve just never really had a place where those of us who are active in business can discuss what is going on around the world in the context of our business operations, so I think this will be an important step going forward.

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Low-Wage Efficiencies

Immigrant truckers are crashing the trucks Americans won’t crash.

Today rolled through Nebraska and counted no fewer than 107 CMV accidents between Omaha and Big Springs. I did not get picture of all of them. In fact I didn’t start keeping track until halfway through the state.

I reached out to Nebraska State Police and they said they responded to 211 CMV accidents in 3 Days, this includes today. I asked them for the crash ratio of foreign to American drivers involved in the accidents and they say that the At Fault percentage for the 3 days are 97% foreign and 3% American… they did not give me nationality of the drivers.

I asked what is the reason for the crash and surprisingly it isn’t speed., it’s the simple fact that many of these drivers are INCAPABLE of driving on snow and ice, don’t leave enough stoping distance, are following too closely and plain panic during minor road scenarios. I am a firm believer that the FMCSA needs to restrict foreigners from being allowed to operate during inclement weather such as snow or ice.

According to the National Insurance Institute, 98% of at fault crashes in a CMV during inclement weather are the fault of a person not from the United States…let that sink in….giving people CDL’s, who are from countries where it doesn’t snow, who have little to no traffic laws & enforcement does not translate to them being safe drivers in America.

Mass immigration is not “good for the economy” as advertised, much less “necessary for the economy”. To the contrary, it is an absolute nightmare for the economy as well as for the society, as it reduces wages, reduces productivity, and produces a much lower-quality labor force.

Economic theory has yet to catch up to the real-world tests of those theories that have played out in diametrically opposite ways than was theorized in ignorance and instituted as policy.

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Trump to Rebuild Steel Industry

A new executive order from the God-Emperor 2.0 places 25 percent tariffs on imported steel from all sources.

In Proclamation 9705 of March 8, 2018 (Adjusting Imports of Steel Into the United States), I concurred in the Secretary’s finding that steel articles, as defined in clause 1 of Proclamation 9705 (as amended by clause 8 of Proclamation 9711 of March 22, 2018 (Adjusting Imports of Steel Into the United States)), are being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States, and decided to adjust the imports of steel articles by imposing a 25 percent ad valorem tariff on such articles imported from most countries. Proclamation 9705 further stated that any country with which the United States has a security relationship is welcome to discuss alternative ways to address the threatened impairment of the national security caused by imports from that country, and noted that, should the United States and that country arrive at a satisfactory alternative means to address the threat to the national security such that the President determines that imports from that country no longer threaten to impair the national security, I may remove or modify the restriction on steel articles imports from that country and, if necessary, adjust the tariff as it applies to other countries, as the national security interests of the United States require.

This is absolutely necessary if the USA is going to remain even a regional power. Whereas in 1945, the USA produced 72 percent of the world’s steel, it is now producing 4.2 percent of it. Whereas it once produced 229 million metric tons of iron and steel, it now produces only 79.4 million, which isn’t even enough to account for its annual steel consumption of around 100 million metric tons.

At this point the USA cannot even be considered a global military power because it lacks the industrial capacity to fight a war over an extended period of time. The President’s new steel tariffs are in place to allow the USA to begin rebuilding the industrial base that it stupidly abandoned in the post-WWII period.

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Did No One Take Econ 101?

The Danish Prime Minister stupidly threatens to hit back at the coming US tariffs on the European Union. What we’re seeing here is the fundamental retardery and complete lack of a most basic education possessed by the mediocrities purportedly running Clown World.

The EU will be forced into a“robust response” if the US imposes tariffs on the bloc’s exports, Danish Prime Minister Mette Frederiksen warned on Monday.

US President Donald Trump has threatened to impose tariffs on the EU unless the bloc reduces its trade deficit with the US by significantly increasing purchases of American oil and gas. On Friday, Trump reiterated his threat, saying he “absolutely” plans to levy tariffs on the EU and claiming that the bloc “has treated [the US] terribly” with its trade practices. He has not yet provided specific details regarding the targeted goods or the exact tariff rates, however.

Speaking to reporters ahead of an informal meeting of EU leaders in Brussels, Frederiksen warned that Trump’s insistence on placing levies on the bloc’s goods could trigger a trade war.

“I am not in favor of a trade war. I am actually in favor of the opposite, that we trade with each other… but it is clear that if there is very strong American pressure on the European market, we simply cannot do anything but respond harshly,” she stated.

Again, a trade war is MATERIALLY BENEFICIAL to any country with a negative balance of trade. So what the Danish Prime Minister is threatening the USA with is the net BENEFIT of transferring EUR 4.7 billion to the USA.

Now, most people don’t know anything about economics, particularly journalists and politicians. They know even less about economic history, which is why you’re going to see a few people attempting to look knowledgeable by referencing the Smoot-Hawley tariff, on which the stupid and the uninformed blame the Great Depression. Of course, I addressed this in my 2009 book on The Return of the Great Depression:

For many years, it was supposed that the Smoot-Hawley tariff of 1930 played a major role in the economic contraction of the Great Depression. As more economists are gradually coming to realize, this was unlikely the case for several reasons. First, the 15.5 percent annual decline in exports from 1929 to 1933 was less precipitous than the pre-tariff 18.3 percent decline from 1920 to 1922. Second, because the amount of imports also fell, the net effect of the $328 million reduction in the balance of trade on the economy amounted to only 0.3 percent of 1929 GDP. Third, the balance of trade turned negative and by 1940 had increased to nearly ten times the size of the 1929 positive balance while the economy was growing.

The Pomp Letter has begun educating himself on tariffs and economic history, and has concluded that the mainstream hysteria is based on a foundation of ignorance.

Trump implemented a 25% tariff on steel imports in March 2018. His reasoning was related to national security, along with a desire to get US steel mills operating at 80% capacity or higher.

Naturally, the critics of tariffs would argue that steel prices should have increased by 25% or more post-tariff, but as you can see in this chart — steel prices increased through the summer (steel prices had already been skyrocketing pre-tariff too) and then began falling substantially. US steel prices eventually fell to price levels much lower than pre-tariff prices.

Why did the price of US steel decrease? Domestic manufacturing of steel increased by nearly 10% for the 2 years post-tariffs.

“The USGS data show that Trump’s tariffs may have helped goose domestic steel production in the first few years after they were implemented. Production rose to 86.6 million metric tons in 2018 and 87.8 million metric tons in 2019, before cratering in 2020 as a result of the COVID-19 pandemic. Production bounced back in 2021, as American steel mills produced 85.8 million metric tons of raw steel that year.”

This means the 2018 tariffs worked — US manufacturing of steel increased and US steel prices dropped lower.

Obviously, the pandemic created significant issues for manufacturing and industrial companies, but US steel prices still sit right now at nearly the same level as they were pre-tariff. Most importantly, steel prices have not kept up with consumer inflation since 2018.

So now you have three concrete examples from the 2018 tariffs that show the critics were wrong. The tariffs led to lower prices, increased American manufacturing, more government revenue, and the creation of American jobs. Also, US inflation (CPI) fell from 2.1% in January 2018 to 1.6% in January 2019, so the tariffs didn’t lead to higher inflation either.

The USA will win any tariff war because it has been losing the free trade war for decades. America has literally nothing to lose in this regard.

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Eliminating De Minimis

The Trump trade tariffs are more sophisticated and even more necessary than they might appear at first glance:

So, Canada and Mexico get 25% tariffs, but China only 10%. Why? The secret is in that subsection “(h)” when it talks about de minimis treatment. Essentially, what President Trump is doing is levying a much more massive import tax, and possible confiscation impact on the core source of fentanyl (and other illegal) substances.

Approximately a billion packages are estimated to enter the USA under the cover of the de minimis exemption. This is where the enforcement mechanism of the “External Revenue Service” combines with the tariff approach and the “state of emergency.” President Trump imposed the tariffs under the International Emergency Economic Powers Act, a nearly 50-year law that gives the president sweeping power to impose sanctions after declaring an emergency.

Now the billion packages, mostly from China, Mexico and Canada are going to be subjected to review and interception.

The de minimis loophole comes from back in the 1930s. The idea back then was, say you went on a vacation to Paris, you shouldn’t have to file customs paperwork or pay taxes if you decided to ship some little Eiffel Tower statues to your friends back home. Congress in 2015 then raised the de minimis threshold from $200 to $800. However, the e-commerce world exploded, and Chinese companies began using the de minimis loophole to ship cheap goods (ex. Temu and Shein) into the USA direct to consumers without paying any customs duty.

It was reported last year that the U.S. was on track to receive a billion packages through the de minimis loophole that aren’t taxed and don’t have customs slips saying what they are. Making matters worse, illegal items are slipping through the cracks, including, knockoffs, unsafe items and even chemicals used to make fentanyl. The worst abuser that exploits this de minimis loophole is, by far, China.

President Trump can require a customs and duty declaration stating what is in every package and subsequently collect tariffs and duties.

Put it all together and President Trump is executing an Emergency Act executive order, plus the imposition of a tariff review, and simultaneous interception of de minimis packages previously unchecked as the enforcement mechanism. All executed by the External Revenue Service.

Increasingly, it is becoming obvious how derelict in their duties the various branches of the US federal government have been in their favoring foreign interests over the national interests of the American people. Nationalism is observably and conclusively the moral position vis-a-vis the corrupt globalist ideology that necessitates dishonesty and favors corruption.

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Testing the Free Trade Hypothesis

It has long been a mantra of the free trade crowd that both sides lose from a trade war. President Trump has called that mantra into question by launching a trade war with Canada, and likely Mexico and China as well:

Canada will retaliate against President Donald Trump’s new tariffs with 25% levies on a raft of U.S. imports, Prime Minister Justin Trudeau said on Saturday, warning Americans that Trump’s actions would have real consequences for them.

As relations between the long-time allies who share the world’s longest land border reach a new low, Trudeau told a news conference he was slapping tariffs on C$155 billion ($107 billion) of U.S. goods. Those on C$30 billion will take effect on Tuesday, the same day as Trump’s tariffs, and duties on the remaining C$125 billion in 21 days, he said.

Trudeau’s announcement came just hours after Trump ordered 25% tariffs on Canadian and Mexican imports and 10% on goods from China, risking a trade war that economists say could slow global growth and reignite inflation. Trump said he would impose 10% tariff on all energy imports from Canada.

The Canadian leader said tariffs would include American beer, wine and bourbon, as well as fruits and fruit juices, including orange juice from Trump’s home state of Florida. Canada would also target goods including clothing, sports equipment and household appliances.

Trudeau said the coming weeks would be difficult for Canadians but that Americans would also suffer from Trump’s actions. “Tariffs against Canada will put your jobs at risk, potentially shutting down American auto assembly plants and other manufacturing facilities,” Trudeau said, addressing U.S. citizens during a press conference in Ottawa. “They will raise costs for you, including food at the grocery store and gas at the pump.”

Canada is considering non-tariff measures, potentially relating to critical minerals, energy procurement and other partnerships, Trudeau said. The 9,000-km (5,600-mile) U.S.-Canada border handles over $2.5 billion in trade a day, especially in energy and manufacturing, according to Canadian government data from 2023.

In 2023, Canada exported close to C$550 billion worth of goods and services to the U.S., or more than three-fourths of its total exports. Energy accounted for 30% and manufacturing contributed around 15% to exports south of the border. Exports to the U.S. accounts for roughly 17.8% of Canadian gross domestic product and more than 2.4 million jobs in Canada.

Let’s look at the three trade balances:

  • Canada: Canada’s merchandise trade surplus with the U.S. last year was C$100 billion. That equates to 3.2% of Canadian GDP. The U.S., however, enjoys an edge in services trade, mainly related to Canadians flowing over the American border. This impact shrinks the trade surplus to C$85 billion, or 2.8% of Canadian GDP, and $45 billion, or -0.2% of U.S. GDP.
  • China: China had a surplus of $990.6 billion with the US. This accounts for 5.4% of Chinese GDP and -4.4 percent of US GDP.
  • Mexico: Mexico had a surplus of $171.5 billion with the US. This accounts for 9.5% of Mexican GDP and -0.8% of US GDP.

Conclusion: the USA will handily win a trade war with all three countries, which is presumably why President Trump singled them out. The US economy will observably benefit from removing foreign competitors taking sales away from domestic businesses; the GDP cost to the foreign countries is an order of magnitude greater to them because their interaction with the USA is more parasitical than symbiotic.

The maximum direct impact to US GDP would be expected to be +5.4 percent, or a benefit of $1,215 billion to the US economy. The maximum direct impact to the three foreign economies would be expected to be an average of -5.9 percent. So even a trade war that leads to a complete end to all trade between the US and the three countries would be expected to significantly help the US economy and increase US wages, and harm all three foreign economies.

Remember, the theoretical justifications for free trade have always been false and incorrect, as first demonstrated by Ian Fletcher and then conclusively disproved by me. Free trade is absolutely and inherently detrimental to a nation, because its logic of efficiency and optimally pairing labor with capital absolutely requires the complete destruction of families, local communities, and the demographics of the nation itself.

The fact that decades of even partially free trade within and without the US borders has significantly fostered these three negative societal trends isn’t an accident, it is specifically predicted by my theoretical observations and argument in my 2016 book ON THE QUESTION OF FREE TRADE.

Here is the relevant Presidential order. It’s informative to see that instead of cracking down on its illegal fentanyl production and exports, the Canadian government has elected to embrace trade war. The irony here is that the USA is simply attempting to do what China tried, and failed, to do in the Opium Wars.

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From Free Trade to Forced Trade

I sincerely hope this is overheated rhetoric from President Trump, because it strikes me as precisely the sort of attempted bullying from a weak position that has made it clear to the sovereign nations that they are better off not trying to work with or accommodate the USA on the basis of their economic interests:

US President Donald Trump has reiterated his threat to impose 100% tariffs against countries of the BRICS bloc, of which India is a part, if they attempt to replace the US dollar with an alternative currency. “The idea that the BRICS countries are trying to move away from the dollar, while we stand by and watch, is OVER,” Trump said in a post on his social media platform, Truth Social on Friday.

“We are going to require a commitment from these seemingly hostile countries that they will neither create a new BRICS currency, nor back any other currency to replace the mighty US dollar or, they will face 100% tariffs, and should expect to say goodbye to selling into the wonderful US economy,” he stated.

Now, tariffs are to the advantage of the US economy due to its negative balance of trade, so this is certainly the right time to attempt to utilize them in whatever fashion is most advantageous. But risking having the USA off from most of the rest of the world in order to maintain the ability to keep issuing more and more debt is neither advantageous nor wise.

On the positive side, no matter how this plays out, it should nail a wooden stake right through the heart of the free trade charlatans.

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