How Trump-o-nomics Will Bring Back the '80s
An exploding U.S. deficit and the devaluation of the renminbi make a trade war with China all but inevitable.
In the weeks since Donald Trump was elected, the behavior of U.S. financial markets—and of the stock market in particular—has represented the triumph of hope over common sense. The steady melt-up of the main stock indices to all-time highs is rooted not just in a slowly improving domestic economy, but in optimism: hope that Trump will, as promised during the campaign, cut corporate and individual tax rates; repatriate billions of dollars that companies now stash abroad rather than invest at home; invest a trillion dollars in infrastructure; and deregulate large swathes of the economy—all policies
