The increasingly erratic trade tensions between the United States and China does not appear to be ending anytime soon. The US president affirms that the deficit in the current-account between the two countries will soon come to an end and attributes the deficit to the Chinese competing unfairly.

While modern monetary theory has provided some distraction for public and commentators alike, the war on cash goes on. In the latest issue of the Cato Journal, the distinguished economic historian Michael Bordo and his co-author Andrew Levin lament the failure of the experiments in unconventional monetary policies of the last decade to stimulate aggregate demand.