With the creation of the Federal Reserve in 1913, the American people began their new "partnership" with the federal government. The results were wars, inflation, and currency debasement.
President Biden is trying to entice Vietnam to enter into an alliance with the USA to try to "contain" China and its Asian ambitions. This will not end well.
Protectionists falsely claim that free trade provides only negative consequences to the economy while simultaneously claiming protectionism provides net benefits.
If the only antidote offered to prevent a 2008-style contraction is monetary easing, then the risk of stagflation is even higher. Without drastic cuts to deficit spending, or a recession, the likely outcome is stagflation.
