Lord Rothschild: The New World Order Is At Risk

Over the past three years, an unexpected voice of caution has emerged from one of the most legendary families in finance: Lord Jacob Rothschild. 

Lord Jacob Rothschild

Readers may recall that as part of the RIT Capital Partners 2014 annual report commentary, the scion of Rothschild family warned that “the geopolitical situation is most dangerous since WWII.” One year later, Jacob Rothschild again warned about the outcome of “what is surely the greatest experiment in monetary policy in the history of the world“, and then again in August 2017 he cautioned that “share prices have in many cases risen to unprecedented levels at a time when economic growth is by no means assured.”

He also issued another warning, which the market has so far blissfully ignored:

The period of monetary accommodation may well be coming to an end. Geopolitical problems remain widespread and are proving increasingly difficult to resolve.

Fast forward to today when in the latest half-year commentary from RIT Capital Partners, Lord Rothschild issued yet another warning, this time focusing on the global economic system that was established after WWII, and which he believes is now in jeopardy. The billionaire banker pointed to the US-China trade war and the Eurozone crisis as the key problems putting economic order at risk.

In 9/11 and in the 2008 financial crisis, the powers of the world worked together with a common approach. Co-operation today is proving much more difficult. This puts at risk the post-war economic and security order.”

It wasn’t clear if he was referring to the post-war fiat standard that emerged once FDR devalued the dollar relative to gold, and then fixed a price for the yellow metal, a tenuous link that was subsequently destroyed by Nixon who finally took the US off the gold standard, or the primacy of the dollar which emerged as the world’s reserve currency after the end of WWII, but whenever one of the people who profited handsomely from the “post war world order” warns it may be on its last legs, it may be time to worry.

With global risks growing, how is Rothschild positioned? The Lord writes that “in the circumstances our policy is to maintain our limited exposure to quoted equities and to enter into new commitments with great caution” and indeed, in the first half, RIT had a net quoted equity exposure of only 47%, historically low. The reason: the iconic banking family is concerned that the 10-year bullish cycle and market rally could finally be ending.

The cycle is in its tenth positive year, the longest on record. We are now seeing some areas of weaker growth emerge; indeed the IMF has recently predicted some slowdown.

While Rothschild noted that “many of the world’s economies have enjoyed a broad-based acceleration not seen since the aftermath of the financial crisis of 2008, with as many as 120 countries seeing stronger growth last year” he also cautioned that “we continue to believe that this is not an appropriate time to add to risk. Current stock market valuations remain high by historical standards, inflated by years of low interest rates and the policy of quantitative easing which is now coming to an end.

One potential risk is Europe, where debt levels have reached “potentially destructive levels”:

The problems confronting the Eurozone are of concern – both political and economic – given the potentially destructive levels of debt in a number of countries.

There is also the threat that the global trade war escalates substantially from here, as Chinese stocks have learned the hard way:

The likelihood of trade wars has increased tension and the impact on equities has been marked, for example by early July the Shanghai Composite Index had dropped some 22% from its peak in January.

Rothschild also echoed the recent warning from the head of the Indian Central Bank, warning that the shrinking of global dollar liquidity is hurting emerging markets:

Problems are likely to continue in emerging markets, compounded by rising interest rates and the US Fed’s monetary policy which has drained global dollar liquidity. We have already seen the impact on the Turkish and Argentinian currencies.

Finally, Rothschild remains understandably “concerned about geo-political problems including Brexit, North Korea and the Middle East, at a time when populism is spreading globally.

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Tom Woods, Matt Welch, and Michael Malice Discuss Libertarian Infighting

Libertarian Party Rebuffs Mises Uprising,” ran the headline on my first dispatch from the L.P.’s biennial national convention, which talked about how the party’s growing Mises Caucus fell far short in its effort to dislodge Party Chair Nicholas Sarwark.

This analysis did not prove popular among the Libertarian friends of the Ludwig von Mises Institute (LvMI) in Auburn, Alabama. “Reason Editor Gets it Wrong,” was the headline on Eric July’s video response. “Someone’s been eating Gary Johnson’s edibles,” tweeted Comic Dave Smith. Mises Caucus Chair Michael Heise, in a rebuttal email to me, wrote (among many other things): “We have been directly credited by Tom Woods and Dave Smith joining the party which has caused a number of new members to join the party and the caucus. We are the biggest and quickly coming up on the strongest caucus in the party. We were able to knock down resolutions that downplayed the importance of property and I spoke against them which rallied the delegation floor.”

Then something interesting happened. Rather than wash their hands of a party they have criticized for drifting too far from core philosophical principles, the friends of the Mises Institute doubled down on their involvement. Smith and podcaster Jason Stapleton announced post-convention that they were joining the L.P. The biggest fish of all to become a sustaining member of the party was LvMI Senior Fellow and popular podcaster Tom Woods. In August 2017, in the wake of the Charlottesville riots, these people and Libertarian Party leadership were engaged in a war of words. Eleven months later, they’re all under the same big tent.

It was in that spirit that the quick-witted anarchist media weirdo Michael Malice invited Tom Woods and myself to a bread-breaking edition of Malice’s YOUR WELCOME show. The three of us discussed any number of internecine divisions within both the libertarian and Libertarian movements, perceived snubs from Reason, incrementalism vs. Evangelism, Murray Rothbard, the old Ron Paul newsletters; you name it. You can watch here:

Related reading: Brian Doherty’s 2009 essay “A Tale of Two Libertarianisms,” our magazine debate forum that same year on “Are Property Rights Enough?“, and this 2011 piece from me. Bonus Michael Malice-related content here. ALSO: Watch your mailboxes for a forthcoming issue of Reason that includes all manner of libertarian debates.

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Death Row Inmate to State: Just Kill Me Already

A convicted murderer on death row in Nevada has one simple request: He wants the state to kill him.

By all accounts, 47-year-old Scott Dozier is a bad man. He already had one second-degree murder conviction under his belt when he was sentenced to death in 2007 for first-degree murder. In the latter case, the torso of Jeremiah Miller was eventually found crammed in a suitcase and dumped in the trash. The body was missing its head, arms, calves, and feet.

Dozier denies having committed both murders. But he says he’s ready to die anyway, especially after his lethal injection was postponed for the second time last month. Nevada should “just get it done, just do it effectively and stop fighting about it,” he tells the Associated Press.

Civil libertarians and classical liberals have long argued against capital punishment on the basis that the government shouldn’t kill its own citizens. “The death penalty is uncivilized in theory and unfair and inequitable in practice,” the ACLU argues. “Well-publicized problems with the death penalty process—wrongful convictions, arbitrary application, and high costs—have convinced many libertarians that capital punishment is just one more failed government program that should be scrapped,” Ben Jones writes at Libertarianism.org.

But what about cases where the defendant wants to die? In this case, one might argue that the state wouldn’t be murdering Dozier; it would simply be granting his last wish. Then again, while the state of Nevada wants to kill Dozier, it has no desire to let him go out on his own terms: he was put on suicide watch following the most recent postponement of his execution.

Dozier claims he’s not suicidal. He doesn’t even want to die that much; he just prefers death to prison. But his execution has turned into a complicated legal affair that sheds still more light on the messy business of capital punishment.

Hours before Dozier was set to be executed in July, Judge Elizabeth Gonzalez of Nevada’s Eighth Judicial District Court said the state couldn’t use a sedative called midazolam. That’s because the drug’s manufacturer, Alvogen, successfully argued that “serious harm” would be done to its business if the sedative was used in an execution.

Since then, the makers of the other two drugs that were set to be administered Dozier have also joined the fight. Neither Hikma Pharmaceuticals—which makes the opioid fentanyl—nor Sandoz Inc.—which manufactures the muscle relaxant cisatracurium—want the state to kill Dozier with their products.

Dozier, though, just wants it to all be over. “I want to be really clear about this. This is my wish,” he tells the AP. “They should stop punishing me and my family for their inability to carry out the execution.”

It’s not like the state of Nevada disagrees. The attorney general’s office says the drug companies are simply trying to improve their public image. “For Alvogen (and similarly situated drug manufacturers), this lawsuit has little downside. Whether it ultimately wins or loses, Alvogen scores points in the public relations arena just for bringing this lawsuit,” lawyers for the AG’s office wrote late last month in a petition to the Nevada Supreme Court. On Monday, 15 states filed an amici curiae with the Supreme Court expressing similar sentiments.

Dozier agrees with what those states are saying. “It just seems like they’re a little late to the party on that whole theory,” he told the Reno Gazette Journal earlier this week, referring to the drug companies. “I don’t really think they care. I think they started caring when it started affecting them, bottom line.”

As Reason has documented in the past, states often operate in the shadows when it comes to obtaining and administering death penalty drugs. In one instance, Texas even sought to procure banned drugs from a shady Indian company. There have also been questions regarding how humane death by lethal injection really is. Transparency is sorely needed, particularly in Dozier’s case, where Alvogen has accused Nevada officials of illegally purchasing midazolam.

For now, Dozier has no choice but to keep waiting. The next court date for the case isn’t until September 10, and prison officials want his execution to be rescheduled for November. “To be clear, this is actually a state of torture, without question,” he told the Gazette Journal. “I mean at least now I know nothing’s going to happen before September 10, so that’s better.”

And while he’s no suicidal, the whole ordeal has made think about whether state-assisted suicide might be the way to go. “I’ve been thinking about writing them and telling them, ‘You know what, would you let (the drugs) be used for state-assisted suicide, because I am in a terminal situation and I’m suffering?” he told the Gazette Journal.

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China Halts Imports Of US-Made Mercedes SUVs Due To “Brake Issues”

We are sure it’s just a coincidence, but – amid all the trade tensions between US and China – Shanghai customs authorities have suddenly blocked the importations of all US-manufactured Mercedes Benz SUVs.

Reuters reports that, according to a Chinese customs document circulating on Chinese social media, Mercedes-Benz GLE and GLS models, built in the United States between May 4 and June 12, 2018, have a brake issue which poses a “safety risk.”

The document said authorities in Shanghai had found the rear brakes on these vehicles to be “insufficient.”

Daimler said the company had been made aware of a potential brake issue related to vehicles in China imported from the United States.

“We are working with the relevant authorities to resolve the issue,” a spokeswoman said on Thursday. Daimler could not immediately comment on the number of vehicles affected, and is seeking to resolve what it described as an “entirely technical issue.”

So just another ‘Stealth’ play in the trade war? With offshore yuan relatively stable this last week, amid the looming $16 billion next phase of tariffs, maybe this is a way to hit Europe and US at the same time?

 

 

 

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Tailing, Mediocre 30Y Auction Concludes This Week’s Debt Issuance Surge

After a poor 3 Year auction on Tuesday, a strong, and record-sized, 10 Year auction yesterday, at 1pm the US Treasury sold $18 billion in 30 Year bonds at a yield of 3.090%, 0.3bps above the When Issued 3.087% – this was the 3rd consecutive 30Y tail – and higher than July’s 2.954% if below the May and April equal highs of 3.13%.

The auction was mediocre with the Bid to Cover sliding from 2.337 last month to 2.274, below the 6 auction average of 2.357 and the lowest since February’s 2.257.

The internals were also in line with recent averages: Indirects were awarded 62.2%, above last month’s 61.9% and the 6 month auction average of 61.1%; Directs dipped from 10.3% to 8.0%, well below the 6 month average of 13.2%, while Dealers were left holding 29.7%, above the 27.8% awarded in July which is also the 6 auction average. 

Overall, an unremarkable auction which despite some weakness on the top line and a decline in overall interest, saw foreigners step up once again to keep the US government machine well funded.

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Saudi Coalition Attacks School Bus A Day After State Department Justifies Airstrikes On Yemeni Towns

Though we are no longer shocked at the callous and indiscriminate nature of Saudi coalition attacks on Yemeni towns, we are surprised that major US networks like CNN have actually decided to cover coalition war crimes for a change. 

Early on Thursday a coalition air attack scored a direct hit on a school bus packed with children as it drove through a crowded market place

CNN provides the following disturbing details:

The bus was struck as it was driving through a market in the rebel-held province of Saada, according to the Houthi-run Al-Masirah TV.

At least 43 people were killed and 63 injured in the strike, according to the Houthi-held health ministry.

The International Committee for the Red Cross (ICRC) said that a hospital it supports in Saada had received 29 dead bodies of “mainly children” under 15 years of age, and 40 injured, including 30 children.

Some of the images to come out of area hospitals currently treating the wounded confirm that it’s mostly children among the casualties.

Image source: Ansar Allah Media Center cia CNN

International media featured photographs of wounded children being treated in area hospitals in the aftermath of the airstrike, which happened in Dahyan, in the rebel-held north of Yemen; however, most of the images of dead and wounded released by Yemeni media accounts are too graphic and disturbing to show. 

Aftermath of the coalition school bus attack in Dahyan, in the rebel-held north of Yemen. Image source: Reuters via The Guardian

CNN describes the scene further, citing witnesses:

Houthi media broadcast graphic footage appearing to show the dead bodies of children. Another video showed a young boy carrying a UNICEF backpack being escorted to a hospital, his face bloodied as medical staff tried to treat his injuries.

Witnesses that CNN spoke to said the attack could be heard from neighboring districts.

The Saudi-led coalition called the airstrike a “legitimate military operation,” and a retaliation to a Houthi ballistic missile that targeted the kingdom’s Jizan province on Wednesday night, according to Saudi Arabia’s official news agency.

We’ve noted many times before that Saudi coalition war crimes in Yemen, which have become a weekly if not almost daily occurrence, has for years been met with mainstream media silence. For example as we recently noted a study that found that in one year, MSNBC covered ‘Stormy Daniels’ 455 times and the ‘War In Yemen’ 0 times.

Both the US and UK have since 2015 or prior, worked closely with Saudi and Emirati forces in their Yemen campaign to defeat Shia Houthi forces, which includes staffing intelligence command centers to assist in targeting, as well as providing aerial refueling for coalition jets.

It is also primarily American and British military hardware that’s supplying the Saudi military machine.

The US has long tried to present its role in the conflict, which as attempting to stave off humanitarian catastrophe in Al Hudaydah, yet as NPR’s Steve Inskeep confirmed while reporting from Yemen earlier this year the US military “has provided targeting information, equipment and aircraft refueling to the Saudi air campaign, which has been widely criticized for being indiscriminate and killing civilians in places like hospitals, funerals and homes.”

In early June the Wall Street Journal characterized the US role in the new operation as actually “deepening” as US intelligence will provide “information to fine-tune the list of targets”. While this “deepening” role is supposedly to keep the UAE and Saudis on good behavior, its really a propaganda move to give the American role a fig leaf of “humanitarian” motives.

But when entire school buses full of children are being taken out by the Saudi coalition, which receives continuing assistance from US intelligence and military officers, it is perhaps becoming increasingly hard to keep up the charade. 

The incident comes a day after the State Department spokesperson said the Saudi coalition’s ongoing airstrikes on Yemen are legitimate and justified.

Meanwhile Washington’s stance of indifference toward civilian deaths, which according to recent reports and human rights groups includes upward of 70,000 killed, appears to have emboldened the Saudis.

In response to early reports of a rising civilian death toll as a result of Thursday’s airstrike on the school bus and market place, the Saudi Press Agency cited official coalition spokesperson Turki al-Maliki as saying: The targeting that happened today in Saada province was a legal military action to target elements that planned and executed the targeting of civilians in the city of Jizan last night, killing and wounding civilians.”

The next State Department press briefing is going to be interesting.

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Republican Candidates Would Rather Campaign on Fear Than Tax Cuts

|||Wael Alreweie/Dreamstime.comTax cuts and other fiscally conservative positions are in the backseat of Republicans’ 2018 campaign rhetoric. In fact, the Associated Press (AP) found in a new report that tax cuts have been replaced by something much more alarming: fear.

In December 2017, President Trump signed off on tax-cut legislation that he promised would lead to positive outcomes “for businesses, for people, for the middle class, [and] for workers.” Following passage of that legislation, reports indicated that as many as 90% of employees nationwide would take home more money as withholding rates were lowered. The tax cuts were hailed as such a success that Lowe’s announced it would give bonuses and expand benefits packages in response.

One would think Republican candidates might campaign on these tax cuts, but it appears more are interested in playing up their constituents’ fears of immigration, socialism, and House Minority Leader Rep. Nancy Pelosi (D–Calif.).

“We wish it got the pitch forks out and it doesn’t,” GOP ad maker Will Ritter told the AP in reference to the shift from promoting economic policy success to fearmongering.

In July, at least two congressional Republican candidates in states that don’t touch the southern border gained national attention for their heavily Trump-centric ads. Jason Emert of Tennessee created his own version of a 2013 insurance ad featuring the disgraced former University of Tennessee coach Butch Jones. Unlike Butch Jones, Emert promised, “When I say I’m going to do something, I actually mean it.” Emert went on to pledge his support to the president and his tough immigration policies by literally building a wall in his own yard.

Later in the month, Rep. Ron DeSantis (R—Fla.) released a campaign ad where his wife insisted he was “so much more” than just a Trump supporter. DeSantis demonstrated this by using a “Make America Great Again” sign to teach his children how to read and also building a physical wall with them in the middle of their living room. Unlike Emert’s wall, however, DeSantis’ wall was created with toddler building blocks.

The heavy focus on the wall signals a shift away from fiscal conservatism not just as a campaign talking point, but as a policy goal. Just weeks before Trump’s inauguration, Congressional Republican leaders revealed that U.S. taxpayers would have to pay for a border wall, with one estimate putting the price of the first phase at $18 billion. That does not include maintenance costs, which would be an additional $48.3 billion during the wall’s first decade. Both estimates are likely too low, as the Cato Institute found they rely on “unrealistically cheap construction costs.”

The tribalistic fears that Republicans are running don’t connect well on paper, but Republicans are tying them together regardless and hoping the emotional impact will overshadow the intellectual dissonance. Rep. Claudia Tenney (R—N.Y.), for example, has released several ads tying Democrat challenger Anthony Brindisi’s “dangerously wrong” views on immigration—including claims that he desires open borders—to alleged support for Pelosi. Tenney only mentions tax cuts in one of her ads, and only after accusing Brindisi of supporting Pelosi. Brindisi, who has already announced that he would not support any bid from Pelosi to lead the party in the future, responded to the strategy by saying, “I’d think after almost two years of being in Congress, the first advertisement that my opponent would run would be something about her accomplishments.”

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Dem Senator Claims Russia Has Penetrated Florida Voter Registration Systems

Authored by Joseph Jankowski via PlanetFreeWill.com,

Democrat Senator Bill Nelson has claimed that Russian operatives have “penetrated” some of Florida’s voter registration systems ahead of the 2018 midterms.

On Wednesday, Nelson told the Tampa Bay Times that “(Russian operatives) have already penetrated certain counties in the state and they now have free rein to move about.”

Nelson said something similar a day earlier in Tallahassee but did not elaborate.

“That’s classified,” the Democrat said Tuesday.

The Senator outlined a scenario in which Russian entities have stripped voters of their registration in order to cause disorder within American democracy.

“You can imagine the chaos that would occur on Election Day when the voters get to the polls and they say, ‘I’m sorry Mr. Smith, I’m sorry Mr. Jones, you’re not registered,’” Nelson said. “That’s exactly what the Russians want to do. They want to sow chaos in our democratic institutions.”

In November Nelson will square off in a re-election bid with current Florida governor Rick Scott, whose administration has insisted they have no knowledge of any meddling in state voter registration.

Last month, Republican Marco Rubio joined Nelson in penning a letter to the 67 county election supervisors about potential threats, but according to the Tampa Bay Times, that letter lacked the specificity Nelson laid out this week.

“We were requested by the chairman and vice chairman of the Intelligence Committee to let the supervisors of election in Florida know that the Russians are in their records,” Nelson said Wednesday.

Communications Director at the Florida Department of State, Sarah Revell, said in a statement that the agency “has received zero information from Senator Nelson or his staff that support his claims.”

“Additionally, the Department has received no information from the U.S. Department of Homeland Security, the Federal Bureau of Investigation or the Florida Department of Law Enforcement that corroborates Senator Nelson’s statement and we have no evidence to support these claims,” her statement read.

“If Senator Nelson has specific information about threats to our elections, he should share it with election officials in Florida,” Revell added.

Senator Neilson’s claim sparked Pinellas County elections officials to immediately get in contact with the FBI, Homeland Security and other state and federal agencies.

“Our office has not seen any indication that we have had any penetration by any bad actions,” said Pinellas election’s office spokesman Dustin Chase.

Considering Nelson’s re-election bid will have to overcome Rick Scott, who has a seen approval ratings of 60% and currently holds a 3% lead in midterm polling, the unsubstantiated claims of Russia meddling in Florida could shine a light on post-November voting drama as the Democrat could use the claim to discredit his opponent if re-election fails.

Also, consider that the Mueller investigation after a year has failed to substantiate the claims that Russia interfered in the 2016 presidential election, a claim that is still being used by Democrats and their media complex to discredit President Trump.

Flordia turned red to support Trump in 2016, and current polls show that the current president has a 50% approval rating within the state and 50% nationwide.

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The Economic Ignorance of Bernie Sanders: New at Reason

Sen. Bernie Sanders is all over the internet!

New York Magazine says he is “quietly building a digital media empire.” Mic.com calls it “one of the most powerful progressive media outfits in America.”

This matters because bettors rank Sanders one of the top four Democratic presidential contenders. And as John Stossel observes, Sanders posts a new economically ignorant video most every day.

View this article.

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Trump’s Latest Plan To Slam Legal Immigrants Who Merely Qualify for Public Benefits Is a Travesty

Nosey TrumpWhite House aide Stephen Miller, an arch restrictionist, is about to release rules that would make it almost impossible for legal immigrants to obtain green cards, citizenship, extend their visas, or even obtain visas in the first place if they or their American family members so much as qualify for a whole slew of public benefits.

As I note in my Week column, under the guise of protecting American taxpayers from “welfare-mooching” immigrants, Miller is making a diabolical use of administrative powers to restrict legal immigration to only the tippy top. He is also doing an end-run around Congress which pointedly refused to accept Trump’s DACA fix when he attached to it his poison pill to cut legal immigration by nearly 40 percent.

I note:

The perversity of this [Miller’s scheme] cannot be overstated.

An immigrant would be barred from upgrading his status if he married, say, an American woman on Social Security disability till he crossed the 250 percent earning threshold. Or consider, a real-life example of a Haitian green-card holder who works 80 hours a week as a nursing assistant but has a severely disabled American daughter who receives public assistance. His citizenship petition may not have a prayer. In effect, Miller’s plan would penalize immigrants not because they are needy but because they have Americans in their lives who are.

What’s particularly unfair about this is that it’s not like legal immigrants get any reprieve from taxes. With very, very few exceptions, they pay all the taxes that Americans do and then some (if you count all the fees that they and their employers have to constantly cough up to get and keep their visas). Denying them a shot at citizenship would mean creating a permanently disenfranchised class that can be taxed but will be barred from basic assistance (in addition to all the federal means-tested benefits), and won’t be allowed to vote, eviscerating America’s bedrock commitment to no taxation without representation.

Go here to read the piece.

But while I’m at it, let me point out that the restrictionist right had long maintained that it wasn’t motivated by nativist concerns and its beef wasn’t with legal immigration, just illegal immigration. That few on the right have pushed back against Trump’s near daily assaults on legal immigration reveal that claim to be a complete lie. In fact, the right has only egged him on. Just last night, Laura Ingraham ranted on air, “The America we know and love doesn’t exist anymore. Massive demographic changes have been foisted on the American people, and they are changes that none of us ever voted for, and most of us don’t like … this is related to both illegal and legal immigration.” [Emphasis mine.]

Referring to Alexandria Ocasio-Cortez, the Latina social democrat who won New York’s congressional primary, Ingraham said, “Let’s face it, they [immigrants] are not too big on Adam Smith and the Federalist Papers.”

Ingraham is, of course, right about Ocasio-Cortez. However, the fact of the matter is that she, Trump, and Miller, aren’t too big on Adam Smith, either—or for that matter The Federalist Papers, or else they wouldn’t show so much contempt for the checks-and-balances that the founders enshrined. They wouldn’t know the Wealth of Nations from Das Kapital if Jesus himself appeared on her show and read it to them. Indeed, Trump’s entire mercantilist-restrictionist agenda is a giant middle finger to Smith’s carefully articulated case for free trade and free immigration in the Wealth of Nations. Trump’s stupid attack on America’s “trade deficit” or what Smith called, “the strong Jealousy with regard to the balance of trade,” is exactly what his magnum opus was debunking.

The reality is that Trump’s scheme to enrich American workers by limiting trade and immigration is more in line with Marx, given that Marx was perhaps the only major political economist of any political persuasion post-Smith to bad mouth immigration.

Marx regarded England’s decision to absorb the “surplus” Irishmen being driven out of their country during the Great Famine not as a benefit but a ploy by the English bourgeoisie to “force down wages and lower the material and moral position of the English working class.” Trump and Miller’s protestations that Third World immigration will “immiserate” the American worker has its genesis in Marxist thought. And their efforts to do an end-run around Congress to implement their anti-immigration agenda are a slap on the face of the Founders.

So if Ingraham wants to restore respect for Smith and the founders of this country, she may want to begin by holding Trump and Miller accountable for their anti-American machinations. Then she should put down her copy of Das Kapital and crack open the Wealth of Nations and The Federalist Papers.

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