The Frankish Reich

As a Catholic, I was not offended. As an American, I was offended. You are The President of the United States. A 79 year old self-declared leader of the world (no longer "the free world" apparently). Grow up.

And when there was a job called "editor," which meant someone was proofreading the story before it was printed/posted. I really like The Athletic, which is better than most, but some of the sloppy hot take stuff they put out there is pretty embarrassing.

Fair point. But dig deeper. Tariffs, yes. Subsidies? They work both ways. Tesla played the EV incentive game beautifully in the U.S., and even today makes a princely sum by monetizing those incentives and selling them to other companies. So when Trump or Peter Navarro says "reciprocal tariffs" include all kinds of other non-tariff barriers to entry, well, that's really hard to compute and that's not just a one-way street.

Well, yes. It is obviously a very flawed institution. Pope Francis managed to recover a moral force from the scandals of recent years. I don't always live up to his guidance - in fact, I probably honor it more in the breach - but his guidance remains a moral beacon for what I should strive to be.

Agreed. Both very good films, particularly The Two Popes. Conclave has been said (by people who seem to know what they're talking about) to be a pretty good telling of what really goes on behind the scenes.

True. The war on China will just encourage a faster race to the bottom. China is no longer the cheapest labor manufacturer. Vietnam, Laos, Bangladesh, Indonesia ... the manufacturing hubs continue to move south and west.

Why can't I buy this Toyota? https://www.wsj.com/business/autos/what-a-15-000-electric-suv-says-about-u-s-china-car-rivalry-43cd564e?st=2PsQJy&reflink=article_copyURL_share SHANGHAI—The offer sounds like a scam—a new Toyota electric-powered sport-utility vehicle for about $15,000, complete with sunroof and cup holders. But the Toyota bZ3X is real, and it is actually on sale starting at that price. There is a catch: To buy one, you have to be in China. Economists talk about "utility." The value of something relative to something else. Yes, allowing Toyota to import this car would impact the sales of Teslas and GM EVs and whatever. But it would provide huge benefits to lots and lots of American consumers who wouldn't be stuck with ultra-expensive monthly payments, who would appreciate a truly affordable (and EV to boot) well made vehicle to serve their daily needs. What kind of communistic "you must support the American state-sponsored vehicle producers" system do we live in? Tesla is better-positioned than other American automakers to compete in China, since its models have always been all-electric and it makes the vehicles in Shanghai with Chinese batteries. Yet it has fallen behind in another aspect that makes China special: speed of development. Tesla has two models widely available—Model 3 and Model Y—and both have been on the market for years. China’s BYD has about 25 models, according to the market-analysis firm Inovev, and is constantly introducing more. Am I saying that the "communist" Chinese auto industry is more openly competitive - classic capitalist, where those who don't innovate fall behind and go out of business - than the American auto industry? Yes. Yes I am.

Never grew out of his Ayn Rand/Rush phase.

Trump mocking the holy Catholic and apostolic church: good fun! Some gay French dancers mocking the holy Catholic and apostolic money-printing Olympics: sacrilege!

Yep, he's going straight to hell. But remember: his hand was floating a few inches above the Bible.

We're almost there.

No doubt that's part of it. But I think he overplays our hand. What worked in real estate deals - the old "I'll just walk away if you don't take my offer" or "this price is only good for one day; tomorrow it will be higher" - doesn't work so well in international economic or security deals. Add to that the mixed messaging on tariffs. Are they also intended to shift our tax base from income taxes to tariffs? That implies tariffs are a permanent fixture. But how does that fit with the bargaining chip theory? It's still a mess.

I understand the point. I am even willing to concede that there is value in nudging the world economy away from overdependence on China. But the strategy could work without the chaos. Again, take a look at the Trans-Pacific Partnership. It was a really good agreement that would have increased U.S. influence in the non-China far east, but it was shot down by people (both sides, including Trump and Hillary) for narrow/U.S. politics reasons. Could I (and the markets) accept something like an escalating tariff rate where tariffs go up for each quarter in which no progress is made in negotiations? Yeah, I suppose, even though I'm a free trade advocate by political and economic philosophy. But again: chaos. And that's what the WSJ logistics expert interviewed in the article focuses on. A lot of small businesses will be extremely stressed and many will go bankrupt if it continues.

Exactly. I worked in DC a long time ago (started under Bush 41, ended under Clinton's 2nd term). So I've seen these predictions come and go. There was "The Coming Republican Majority" thing under Reagan/Bush 41. Then Clinton won (with some thanks to Ross Perot). Then it was a golden age of centrist Democrats coming. Then Bush 43 won (with some thanks to Ralph Nader and Florida senior citizens), and it was the new kinder/gentler Republican Age with lots of "what will Democrats do now" thinking. Then it was Obama and Republicans In Disarray. Then it was Trump's New Coalition and Dems in Disarray. Then it was Trump Has Taken the Republicans Down a Political Dead End and the desire for a return to normalcy. Then it was The Revenge of Trumpism and Biden/Kamala Have Taken Democrats Down a Dead End and the end of (non-white/non-LGBTQ) identity politics. American political coalitions shift all the time. What won in 2012 doesn't win in 2028. What won in 2024 may not win in 2028. "The party in power is always smug and arrogant; the party out of power is always insane."

I agree - had a fantastic vacation there.

Oh no, not the Aussies too! Trump is doing a wonderful job at bringing that pro-American coalition together. And this one didn't even need a 52nd state threat.

How's this for "taking on" the military-industrial complex? https://nypost.com/2025/05/02/us-news/trump-budget-calls-for-more-than-1t-in-defense-spending-massive-cuts-to-education-foreign-aid-and-environment/

Really an excellent article from the pure business side. The ripple effects of the ridiculous tariffs (which the markets do believe will be undone before fully enacted) will continue for some time.

Next you'll hear that she has a deal for the Bowser International Golf Result in Dubai.

Immigrant invader! Refusing to assimilate. Probably speaks that Low Dutch thing instead of English.

As the righties are always quick to say: Now let's see Trump post himself as the next Ayatollah.

Surprisingly strong April jobs report shows resilience of the Biden Economy!