Trump Turns Medieval
Before global trade, emperors spent everything on fortresses and war—and nothing on the welfare of the people. It all sounds familiar.
The continuous exchange of commodities makes for all the sweetness, gentleness, and softness of life. — Jacques Savary, 1675
Trump has declared war on the whole world.
The diametrically opposed economists Karl Marx and Friedrich Hayek agreed on one thing. And one thing only. Tariffs are ruinous.
In short: Tariffs raise prices, slow economic growth, cut profits, increase unemployment, worsen inequality, diminish productivity, and increase global tensions.
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