It’s not just the value that is nuts though. It’s the lack of industrial policy combined with the scattershot and sudden nature of this tariff policy. They aren’t raising tariffs over the course of the next 10-20 years in order to get mines and smelters up and running. They want foreign countries to pay into a financialized protection racket, using american credit card limits as the bargaining chip.
It’s not just the value that is nuts though. It’s the lack of industrial policy combined with the scattershot and sudden nature of this tariff policy. They aren’t raising tariffs over the course of the next 10-20 years in order to get mines and smelters up and running. They want foreign countries to pay into a financialized protection racket, using american credit card limits as the bargaining chip.