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Hi.

Welcome! This is the place I write about Things I Notice in my daily walkabouts as well as what I might think about things in my world.

Economic Nationalism?

That's what Steve Bannon is portraying as the administration's theme and the way that "America will become great again." I THINK I understand...the way they are going to do that is to "deconstruct Washington," which I THINK means to undo all of the economic, social, and other regulatory infrastructure that was developed by Americans over the last 60 years of social and economic evolution. I cannot imagine that this type of thing will be good for most Americans and I posit that it will really only be beneficial to the top .5%. But, I digress. Much of what any politician says leads to speculation on the part of the media as well as just us regular folks and I don't want to do too much of that...well, not today. Well...So what is "Economic Nationalism?" I don't know. I think of tariffs. Tariffs usually (speaking as an old history major) beget tariffs which usually begets more tariffs which usually.... And then, well then the international pissing contest really gets going. But that's more speculation. Did you know that until the income tax started in 1913 that collecting tariffs was, for the most part, how the federal government funded itself? I believe that if tariffs increase then prices will increase. I don't think that's speculation. Maybe tariffs won't increase. If there are no tariffs, how will we "nationalize?" That would be speculation and maybe I have no option but to go down that path for just a bit although I admittedly have little background in macroeconomics. If we build a widget in American will it cost the same as if the widget is built in China? Probably not. What's the price difference? I don't know and I'm not sure one could even persuade Americans to do some of the work they do in China. But can the government prohibit the American consumer from buying the Chinese-made $100 widgets and make them buy an American made $200 widget? Well no but they could put a tariff on the Chinese widget and make it even more expensive than buying an American version. That may work for something like an iPhone but I'm not sure about Hondas, Toyotas, Kias, etc. Is it possible that people will pay more for the foreign product if the quality is higher (remember the auto industry in the 1970s)?Deconstruct Washington? I'm not sure exactly what that is. What I hear Bannon saying is that the regulations that govern existing economic wealth will be reduced in confident hopes that more wealth will be possible. At the same time, the regulations that determine how each one of us personally lives and identifies will be increased. Whoops. More speculation. And fear.Metro Bus in DC

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"It's My Party & I'll Cry If I Want To..."