Jeff Stein

And, you know, we've seen a real, real scary plunge in consumer confidence, in investment, in expectations of inflation from consumers and all these things happening. combined to suggest that there's a chance that the economy could just sort of fall off a cliff next quarter.

And when you talk to businesses who are saying that they're massively pulling back investment, that could filter through to the macro economy very quickly.

And when you talk to businesses who are saying that they're massively pulling back investment, that could filter through to the macro economy very quickly.

And when you talk to businesses who are saying that they're massively pulling back investment, that could filter through to the macro economy very quickly.

So what the president and his advisors have been sort of gesturing towards is an attempt to really rebalance the entire global financial system. And there has been a critique of America's role in global capitalism that's shared by large parts of the left and large parts of the labor movement.

So what the president and his advisors have been sort of gesturing towards is an attempt to really rebalance the entire global financial system. And there has been a critique of America's role in global capitalism that's shared by large parts of the left and large parts of the labor movement.

So what the president and his advisors have been sort of gesturing towards is an attempt to really rebalance the entire global financial system. And there has been a critique of America's role in global capitalism that's shared by large parts of the left and large parts of the labor movement.

And that critique is essentially that America has absorbed through its excess demand the manufacturing capacity and the productive capacity of the rest of the world.

And that critique is essentially that America has absorbed through its excess demand the manufacturing capacity and the productive capacity of the rest of the world.

And that critique is essentially that America has absorbed through its excess demand the manufacturing capacity and the productive capacity of the rest of the world.

What he's getting at is that the American dollar has been very, very strong for quite a long time. And because the dollar has become the backstop of the global financial system... We buy imports at a very cheap rate. And while that sounds great and many economists say that it is great, our ability to buy Chinese and Vietnamese and Mexican and German exports on the cheap has hurt markets.

What he's getting at is that the American dollar has been very, very strong for quite a long time. And because the dollar has become the backstop of the global financial system... We buy imports at a very cheap rate. And while that sounds great and many economists say that it is great, our ability to buy Chinese and Vietnamese and Mexican and German exports on the cheap has hurt markets.

What he's getting at is that the American dollar has been very, very strong for quite a long time. And because the dollar has become the backstop of the global financial system... We buy imports at a very cheap rate. And while that sounds great and many economists say that it is great, our ability to buy Chinese and Vietnamese and Mexican and German exports on the cheap has hurt markets.

American manufacturing jobs and sort of hollowed out the Midwest and many parts of this country that were dependent on the ability to export to other markets.

American manufacturing jobs and sort of hollowed out the Midwest and many parts of this country that were dependent on the ability to export to other markets.

American manufacturing jobs and sort of hollowed out the Midwest and many parts of this country that were dependent on the ability to export to other markets.

And Trump is engaging in this really radical attempt to wrench the global financial system out of really the place it's held in the global financial system since the Bretton Woods agreement that followed World War II and create a system in which our manufacturing prowess returns because we're shaking up or currency and monetary agreements with the rest of the world.

And Trump is engaging in this really radical attempt to wrench the global financial system out of really the place it's held in the global financial system since the Bretton Woods agreement that followed World War II and create a system in which our manufacturing prowess returns because we're shaking up or currency and monetary agreements with the rest of the world.

And Trump is engaging in this really radical attempt to wrench the global financial system out of really the place it's held in the global financial system since the Bretton Woods agreement that followed World War II and create a system in which our manufacturing prowess returns because we're shaking up or currency and monetary agreements with the rest of the world.

That, however, is not going to be accomplished by tariffs. And it is really, really hard to imagine how Trump can undo sort of what's happened in the last 60, 70 years in three to four years. But I think it gives a clue and sort of helps explain why he keeps saying, you know, maybe we'll have to stomach some short-term pain to achieve that sort of new order.