Ashurbanipal might be a good model. He inherited an empire from his father. He is credited, or accused, of being ambitious, ruthless and cruel. He, like Donald Trump, faced challenges. And he, like DJT, thought the best way to deal with them was with superior force.
Cutting taxes was not necessarily a bad idea. But increased spending eliminated the benefit. So did the ‘tariff’ program, which acts as a tax increase on Americans.
Prosperity is easily taken for granted. It’s even easier to lose. But rarely has it faced such an all-out assault on so many fronts.
The gap between the charged-up price action on Wall Street…and the depressing ground of the macro world….must be closed. What will spark a correction, we don’t know.
Major innovations begin by destroying wealth. New tech — from internal combustion engines to dot-coms to AI — offers to cut costs for both consumers and producers. AI may be exceptionally deflationary.
Beyond Eric Swalwell and #MeToo, the Department of Justice indicted the Southern Poverty Law Centre for money laundering and wire fraud.
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