Upside down
When Lord Cornwallis handed his sword to George Washington at Yorktown, the British band played a tune, “The World Turned Upside Down.” This seems to be a fitting description of Donald Trump’s approach to the economic order. Tariffs, the price of gold, and other arcane ideas seemingly are on the table. It promises to be a repeat performance of Richard Nixon in August 1971. Except this performance will be somewhat in reverse. Nixon inherited a strained economic situation due to deficits and the inability to adjust the Gold System established during World War II, known as Bretton ...