The "trickle down" effect is real in how capitalists are motivated to expand affordability of their products and services. Mobile phones and air travel were once just luxuries enjoyed by a select few, but are now widely affordable.
It's fairly easy to destroy the spontaneously created institutions and groups that make up a well-functioning society. But it is nearly impossible to rebuild them once they're destroyed by central planners.
Transportation problems mixed with an ongoing government spending spree are pushing prices higher. But output doesn't exactly seem to be roaring ahead. That raises the specter of stagflation.
Benjamin Rush was indecent enough to let slip the admission that the Constitution was a national government that ultimately eliminated the states. The other Federalists knew that it was not polite to admit this in public.
The chronic US trade deficit is a direct result of the dollar’s status as the world’s main reserve currency and unabated monetary increases in government spending. More tariffs won't change that.
Whether today's Great Monetary Inflation (which began in 2011) will end with sustained CPI inflation remains a wide-open question at this point. Prices could be reined in as in the 1990s, or a 1970s-style inflation could still be in store.
The global minimum tax rate will not hurt G7 members or large technology giants, but it will devastate small and dynamic countries that need to attract capital and investment and who cannot afford to have the tax rate of global leading nations.
