Niall Ferguson: A User’s Guide to Wrecking the Global Financial System

 Ordinary Americans elected Trump because they expected him to make things better. Did they realize they were getting a reactionary economic project?

It is exactly a century since John Maynard Keynes published “The Economic Consequences of Mr. Churchill,”

 a devastating takedown of the policies of the Conservative government in which Winston Churchill served as Chancellor of the Exchequer—the British equivalent of Treasury Secretary.

Keynes predicted—correctly—that the government’s decision to return the pound to the gold standard would lead to “unemployment and industrial disputes,” “great depression in the export industries,” and “credit restriction.”

They elected Trump to punish the Democrats for 9 percent inflation at the mid-2022 peak and net migration of 8 million in four years, most of it illegal.

The British Conservatives just wanted to go back 11 years. The Trump administration aims to reverse at least four decades of American economic history.

Of course, the biggest unintended consequence of all this has to be the stock market correction.

The coming weeks and months will be a bull market only in a few things: gold, German defense stocks, Chinese AI companies—and “I-told-you-so” criticism of Trump by the usual suspects.

Niall Ferguson Thr Free Press 16 mars 2025

https://www.thefp.com/p/niall-ferguson-donald-trump-wreck-global-financial-system

Tillbaka till Rolfs länktips 15-16 mars 2025

https://englundmacro.blogspot.com/2025/03/rolfs-lanktips-15-16-mars-2025.html