As I am writing this from London, I will temporarily adopt the useful British expression “chattering class” to describe the people who are currently freaking out in the media about President Trump’s tariff policy causing the S&P 500 to sell off to where it was in February 2024. Because the stock market has only gone up since 2009 (when it was 768), the chattering class has grown accustomed to it only going up and it perceives the loss of a year’s gains to be the end of the world. This reaction is itself an expression of how detached from reality the chattering … Continue reading →

Source: U.S. Economic Model Wasn’t Sustainable – LewRockwell