Where I think something revealing (and useful) taking place is the world view of the people involved in the chat.
In deciding whether to strike, US Homeland Security Advisor Stephen Miller writes that Europe and Egypt need to pay:
"If Europe doesn’t remunerate, then what? If the US successfully restores freedom of navigation at great cost there needs to be some further economic gain extracted in return.”It's something we've Trump hint at economic policy and other dealings but here it extends to military policy. That suggests it dominates both his thinking and entire administration's motives. It highlights a sort-of protection racket.
Is that how foreign policy is going to work now? Or maybe even aid to American states?
If you're Europe or another American ally what do you do after reading this?
NATO is effectively dead.
Another takeaway is that it's all so unprofessional and improvised. That's going to lead to mistakes and unintended consequences. You would hope that tariff policy is being run differently but all indications are that it's haphazard.
An ad hoc approach to major decisions suggests policy driven by immediate leverage opportunities rather than strategic coherence, which introduces additional systemic risks beyond just the transactional mindset.
Finally, there are lessons in history here.
Globalism is dying and I suspect that once it's dead, we will all regret it. The last 30 years have been bumpy but unfathomable wealth has been created, high employment and good standards of living. That's worth preserving.
This article was written by Adam Button at www.forexlive.com. Read More Details
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