To Make America Free Again

Everyone likes to be flattered by being called “great,” especially Donald Trump. Equally as flattering is to have one’s entire country called “great” if not “the greatest,” “exceptional,” or “indispensable.” Or perhaps even “a shining city on a hill,” reminiscent of “The Emerald City” of The Wizard of Oz. 

Trump’s Trade Trilemma

The trade problem that America faces today is not new. It is rooted in what economists call the Triffin trilemma—also known as the Triffin dilemma or Triffin paradox—named after Belgian-American economist Robert Triffin. This principle highlights a fundamental contradiction: a national currency such as the US dollar cannot simultaneously serve as both a stable domestic currency and the world’s primary reserve currency without generating trade imbalances.