This is Why We Can’t Have Nice Things

Have you ever taken something back to a store and all the store will give you is a store credit? It is aggravating, isn’t it? You may not wish to buy anything else in that store. What you really want is your money back so you can go anywhere. With international trade, this is the way local currency works. China takes dollars. Dollars are like store credits, they eventually have to be used here if you want your value.

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An Evening at the Fed

The big question for our economy is: How much of the good done by tax reform and regulatory relief is being undone by tariffs?

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First Quarter 2018

“We are bigger than US Steel,” said Hyman Roth to Michael Corleone in the classic film The Godfather Part II. That scene was placed in a Cuban hotel shortly before the conclusion to the Cuban Revolution in 1959. The irony being that both the mob and US Steel had begun to decline in importance by the time the movie came out in 1974. Those trends have continued to this day.

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