Excellent thread. Demonstrates how sharp and comprehensive the case for industrial policy has become, and how facially absurd and unpersuasive the remaining fundamentalist objections are.

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Fantastic conversation here on one of the most important issues in macroeconomics and global trade: Is the dollar's status as reserve currency an exorbitant privilege or exorbitant burden? The answer may surprise you!

Oren Cass and I discuss the implications for the US economy of global dollar dominance.

americancompass.org/michael-pettis…

The split-screen of Biden claiming that he's 'fixing the broken student loan system' through massive debt forgiveness, as the Department of Ed's attempt at reforming FAFSA melts down, is really confidence inspiring.

“Only the federal government could devise a predatory loan that loses money.”

- American Enterprise Institute’s Michael Brickman e-mails with the most telling take on this entire, years-long debacle

It would have really undermined trust in experts if the eclipse didn't happen.

If you're highlighting a quote that suggests one of the world's most profitable and powerful companies was not 'in danger of losing its dominant position' for a couple of decades, maybe you're not making the case against antitrust enforcement as effectively as you think...

4/5
This does indeed mark an astonishing discovery for 'standard economics'. People are not just consumers. They are also producers, and the extent to which they can consume does not depend on how cheap consumer products are, but rather on how much they produce.

3/5
The article quotes Yellen as saying: “People like me grew up with the view: If people send you cheap goods, you should send a thank-you note. That’s what standard economics basically says,” she said. “I would never ever again say, ‘Send a thank-you note.’ ”

“People like me grew up with the view: If people send you cheap goods, you should send a thank-you note. That’s what standard economics basically says. I would never ever again say, Send a thank-you note.” -- Treasury Secretary Janet Yellen in today's WSJ. wsj.com/politics/polic…

Great article about two intellectuals leading the political realignment through which we are living.

Hear hear! I found it so interesting that Oren Cass had me — a pro labor lefty - come to help moderate one of his recent conferences, and kindly called me his favorite columnist. It shows the overlap of right and left in interesting ways; Watch this space!!

'“I love economics,” said Cass. “I think economists are very bad at economics.”' Oren Cass and I are apparently roiling Washington, D.C. rollcall.com/2024/04/03/sto…