Critics of so-called “isolationism” claim a desire to stay out of conflicts like Ukraine are rooted in veneration for Donald Trump and/or Tucker Carlson, partisan disdain for Joe Biden, fear that the U.S. is too weak for global involvement, too broke, or that non-interventionists want to save money, bombs and bullets for the supposedly inevitable war with China over Taiwan.
This will cause some heads to explode within the various free-market and interventionist religions, but market forces born of production decide which currencies circulate, not central banks or presidents. Which means Javier Milei is wise to not dollarize.
If a recession is coming, or for that matter growth, money in circulation will reflect either scenario without regard to the central plans of economists and those who revere them.
Napoleon “did not realize until it was too late that the only closed political economy is the world economy. Britain could not be starved into submission by blockade unless she were totally cut off from the world. As long as Britain could trade with any nation outside France, it was thus trading indirectly with France.”—Jude
In a recent column, the Washington Post’s Glenn Kessler acknowledged that the 400 richest taxpayers hand over more to the federal government each year than the bottom 70 percent of earners combined. This isn’t something to celebrate.
The happy, market truth is that no individual, no business, no city block, no city, state, or country ever needs to worry about having too much or too little money.
In her latest opinion piece for the Washington Post, economics writer Heather Long observed about Federal Reserve Chairman Jerome Powell that “Many had predicted he would be Dr. Doom who caused a recession.” Yes, many predicted just that, but not all.
Naturally arrived at prices are the way that a market economy organizes itself. By extension, fake prices forced on producers by government as a rule result in scarcity if the force is real. Just as there’s no free lunch, there are no market goods when governments decree something free, unprofitable or both.
What’s a more immoral leave-behind to the sainted “grandchildren”? Debt that investors line up to purchase at the lowest rates in the world, or a massive, resource-swallowing government that achieved gargantuan size without any debt?
For every excited or optimistic buyer in any market to express the excitement or optimism, there must be a seller willing to transact. This has seemingly been forgotten by China’s Xi Jinping