Systemic Considerations

Whatever else you think is happening in our world, contraction is the reality-based order-of-the-day, and everything else is downstream of that. The world has to get by with less. Nothing is going to fix this for everybody, though any number of schemes for redistributing what’s left will preoccupy the political mojo.

Right now, it’s tariffs, which are an attempt to restore industry ceded to the formerly left-behind people elsewhere in the world — taking back what we used to do. You are correct t...