Josh Barro

Anyway, I want to be clear, the administration hasn't done this yet. This is just something that Steve Myron put in a paper. But I think that given the lawlessness of this administration and the wacky things that they have surprised people by doing, I think concerns about whether there's going to be a future effort to monkey with the repayment on our bonds is something reasonable.

Anyway, I want to be clear, the administration hasn't done this yet. This is just something that Steve Myron put in a paper. But I think that given the lawlessness of this administration and the wacky things that they have surprised people by doing, I think concerns about whether there's going to be a future effort to monkey with the repayment on our bonds is something reasonable.

But I think the bigger concern, actually, and probably the other reason why the dollar is falling in addition to interest rates rising – is just that what they're doing is terrible for the U.S. economy and terrible for growth. And so one reason people might want to hold U.S. dollars is, I think they're safe, I want to hold them. But another reason people would hold U.S.

But I think the bigger concern, actually, and probably the other reason why the dollar is falling in addition to interest rates rising – is just that what they're doing is terrible for the U.S. economy and terrible for growth. And so one reason people might want to hold U.S. dollars is, I think they're safe, I want to hold them. But another reason people would hold U.S.

But I think the bigger concern, actually, and probably the other reason why the dollar is falling in addition to interest rates rising – is just that what they're doing is terrible for the U.S. economy and terrible for growth. And so one reason people might want to hold U.S. dollars is, I think they're safe, I want to hold them. But another reason people would hold U.S.

dollars is, I expect to do business in the United States. I need to send money to my subsidiary in the U.S. so it can build a factory there. That kind of thing. And that's what the tariffs are theoretically supposed to do. They're supposed to draw investment into the U.S. and say, well, gee, if you want to make widgets, you better make them in the U.S. so you can sell them in the U.S.

dollars is, I expect to do business in the United States. I need to send money to my subsidiary in the U.S. so it can build a factory there. That kind of thing. And that's what the tariffs are theoretically supposed to do. They're supposed to draw investment into the U.S. and say, well, gee, if you want to make widgets, you better make them in the U.S. so you can sell them in the U.S.

dollars is, I expect to do business in the United States. I need to send money to my subsidiary in the U.S. so it can build a factory there. That kind of thing. And that's what the tariffs are theoretically supposed to do. They're supposed to draw investment into the U.S. and say, well, gee, if you want to make widgets, you better make them in the U.S. so you can sell them in the U.S.

without tariffs. But what seems to actually be happening is other countries are looking at our policies and saying, not only are tariffs going to be higher, I don't know how much higher because the president won't tell me what the tariff policy is going to be.

without tariffs. But what seems to actually be happening is other countries are looking at our policies and saying, not only are tariffs going to be higher, I don't know how much higher because the president won't tell me what the tariff policy is going to be.

without tariffs. But what seems to actually be happening is other countries are looking at our policies and saying, not only are tariffs going to be higher, I don't know how much higher because the president won't tell me what the tariff policy is going to be.

That's not drawing people to put in the factory because the tariff on widgets might be 25% tomorrow, but in four years, it might be zero again. I'm not going to stand up a widget factory that's only going to come online right when Donald Trump is supposed to be about to leave office. And so it's basically freezing investments in the United States.

That's not drawing people to put in the factory because the tariff on widgets might be 25% tomorrow, but in four years, it might be zero again. I'm not going to stand up a widget factory that's only going to come online right when Donald Trump is supposed to be about to leave office. And so it's basically freezing investments in the United States.

That's not drawing people to put in the factory because the tariff on widgets might be 25% tomorrow, but in four years, it might be zero again. I'm not going to stand up a widget factory that's only going to come online right when Donald Trump is supposed to be about to leave office. And so it's basically freezing investments in the United States.

It's making Europe look attractive as a place to invest relative to the U.S., which, you know, is not something that you could really say for decades. And so that's, I think, a key reason. Right, exactly. Well, soon they will because Europe is going to be richer than us. They're going to have air conditioning.

It's making Europe look attractive as a place to invest relative to the U.S., which, you know, is not something that you could really say for decades. And so that's, I think, a key reason. Right, exactly. Well, soon they will because Europe is going to be richer than us. They're going to have air conditioning.

It's making Europe look attractive as a place to invest relative to the U.S., which, you know, is not something that you could really say for decades. And so that's, I think, a key reason. Right, exactly. Well, soon they will because Europe is going to be richer than us. They're going to have air conditioning.

They're going to have, you know, the SUVs, all the things that we used to make fun of them for not having. But so I think that what you see in the markets is that there's an expectation that what they've done is terrible for the US economy. So obviously that shows up in stock prices going down. Corporate profits are expected to be lower than was expected previously.

They're going to have, you know, the SUVs, all the things that we used to make fun of them for not having. But so I think that what you see in the markets is that there's an expectation that what they've done is terrible for the US economy. So obviously that shows up in stock prices going down. Corporate profits are expected to be lower than was expected previously.

They're going to have, you know, the SUVs, all the things that we used to make fun of them for not having. But so I think that what you see in the markets is that there's an expectation that what they've done is terrible for the US economy. So obviously that shows up in stock prices going down. Corporate profits are expected to be lower than was expected previously.