Trade Deficits and Sound Money

In recent years, and with particular intensity since Donald Trump’s ascent to the political center stage, trade deficits have been increasingly cast as symbols of national weakness. Persistent US trade deficits are treated not as accounting outcomes, but as evidence of unfair dealing, foreign predation, or elite incompetence. Surpluses are praised as victories, while deficits are framed as losses demanding correction through tariffs, subsidies, and industrial policy.

A Missed Opportunity in Munich

In his keynote speech at the sixty-third annual Munich Security Conference on February 14, American Secretary of State Marco Rubio missed an opportunity for the Trump administration to set the Western alliance on a new course that would recognize the desires of developing countries for access to capital and the freedom to trade, which is the driving force of the BRICS movement.

Reassessing European Contact: Insights from Spanish America

[From Isonomia Quarterly 4.1 Spring 2026. Read the full article at Isonomia Quarterly.]

There’s no doubt that the Americas were irrevocably changed by European contact. The decimation and sociopolitical transformation of the Western Hemisphere was so thorough that many scholars speak of an indigenous genocide—the intentional destruction of native societies. But there’s also no doubt that the story is not so simple.