Over the past couple of weeks we've looked at a wide array of economic indicators, assessed the trends in each sector of the economy and noodled over the current setup for the equity market going forward. So, here I've been sitting for awhile, thinking about what I might offer up in this week's message that wouldn't be too redundant. Hmm....
Well, I have lots of thoughts about stuff that's going on in the world, but if I start sharing I'll be essentially going back to the days when I spent way too much time, energy and, alas, emotion herein on the immense frustration that we call politics -- and I'd be here all night, and you'd click out of the blog long before you've finished reading.
So, if I go this week at trade, will I be going at politics? Well, I'd like to say no. I'd like to say that the thorny issues (import taxes, quotas, subsidies, etc.) surrounding global trade are the results of actors in high places efforting to do right by their respective citizens, while making well-intended miscalculations in the process. Yes, I'd like to say that, but, no, saying that would make me the naivest of characters. And while I'm certain that a good number of unflattering adjectives may legitimately be placed after is behind my name, when it comes to what inspires politicians toward protectionism, "naive", I assure you, would not be one of them.
Well then, since I'm right now dying to go at trade, yet I don't want to sit here all night, and I do want to keep your attention, I'll just offer one quip and a couple of quick videos:
I'm pretty sure it was Milton Friedman who quipped "protectionism only protects consumers against affordable prices".
If you want more from me (other than video 2 below) on the topic, read Leaving Liberty? (yes, a shameless plug -- but I almost never do that :)). If you want something far better, read Globalization by Don Boudreaux.
Have a great weekend!