The dollar has fallen sharply since President Donald Trump’s inauguration in January. 

The continuing bear market in bonds is not helped by Trumps repeated calls for more monetary inflation. 

April 19 was the 250th anniversary of American militiamen routing the best army in the world. Seven hundred British troops arrogantly came out of Boston early that day in 1775 to seize firearms and gunpowder in Concord, Massachusetts. By the time the tattered remnants of that force escaped back to Boston, hundreds of British troops were left dead, wounded, or captured along the road. The “shot heard around the world” became one of the most dramatic blows against tyranny in modern history.

For most economists and financial commentators, the heart of economic growth is the demand for goods and services. It is also held that the economy’s total output, as depicted by such measures as gross domestic product (GDP), increases by a multiple of the increase in the demand.

The news comes after Elon Musk lowered expectations of the group’s savings from $1 trillion to $150 billion by the end of the fiscal year.

Following the Trump administration’s recent implementation—followed by a quick withdrawal—of import tariffs on many other countries, capital markets swung wildly. Equities oscillated between steep losses and exuberant gains, remaining absurdly expensive as of April 11, the end of the trading week. More importantly, bond values across the board took a dive.

When constituting what a “well-regulated militia,” looks like, look no further than the first armed conflict of the War of the Revolution.

Learning of military supplies being held in the town of Concord, British General, Thomas Gage, sent troops from Boston to seize these stores. The general had recently received a directive from the British Prime Minister to “restore the vigour of government” back to the colonies. It was time to reclaim control over the unwieldy rebels.

“The Financial Crisis was a failure of government, not capitalism.”—Peter Schiff, March 2025

“Wall Street got drunk,” President Bush said in 2008, to which Peter Schiff replied, “They did. And the Fed provided the liquor!”

After two days of panic selling of stocks, recession and stagflation have become part of the conversation.